Lake Forest, Calif.-based Genesis Healthcare officials rescinded their objection to the sale of Coshocton (Ohio) Hospital to Ontario, Calif.-based Prime Healthcare on Sept. 20 after the hospital and the health system came to a mutual agreement, according to the Times Recorder.
Genesis officials originally filed a motion Sept. 1, asking the court to examine Prime Healthcare's financials to determine if the health system could pay off Coshocton's more than $2.4 million in outstanding debt to Genesis.
While the motion filed states that Coshocton maintains $2.4 million in outstanding debts, administrators said the amount is closer to $8 million, including fines and interest. Genesis withdrew the motion after coming to an agreement with the hospital, according to the article. The financial terms of the agreement have yet to be disclosed.
Prime Healthcare negotiated a $10 million deal to buy CoshoctonHospital before the facility filed for bankruptcy in June. The sale hearing is scheduled to take place on Sept. 27 in U.S. Bankruptcy Court. The final asset transfer is scheduled to take place following the court's anticipated approval, according to the article.