Doylestown (Pa.) Health took a step closer to selling its Pine Run retirement community, with a Dec. 30 deadline to complete the transaction, according to a June 13 filing.
The sale would be to Dillsburg, Pa.-based Presbyterian Senior Living, which signed a letter of intent to buy the 532-unit community in March. Doylestown Health has evaluated other offers for Pine Run.
The health system said in the June 13 filing that it meets various covenants to go ahead with the transaction and is now seeking formal consent from lenders.
Doylestown Health, which has faced several financial challenges, was removed from a CreditWatch rating by S&P Global April 26.