Randolph Health, a bankrupt single-hospital system based in Asheboro, N.C., is working to finalize an agreement to be sold to the Dava Foundation.
Under the deal, the Dava Foundation would acquire all of Randolph Health's operational assets, and a Tennessee hospital operator, Java Medical Group, would manage the day-to-day operations at the single-hospital system.
Randolph Health directors said that the transaction is the primary solution it discovered to keep the hospital open and preserve jobs.
"While other potential buyers have shown interest in pieces of Randolph Health, all other options would result in a closure of the hospital as well as the transfer of most services to other hospitals and the loss of a significant number of jobs," Randolph Health wrote in a news release.
The board of directors of Randolph Health said the deal with the nonprofit healthcare organization is expected to be finalized in the next few days.
Randolph Health filed for Chapter 11 bankruptcy in March, saying it would help the health system restructure its debt.
Any sale must be approved by the full board of directors and by a bankruptcy court.