Montefiore Medical Center in New York City has received approval from a New York bankruptcy court to acquire New Rochelle, N.Y.-based Sound Shore Health System for $58.6 million, according to a report from The Journal News.
U.S. Bankruptcy Court Judge Robert Drain approved the private sale of the health system, which is set to be completed in October if it receives approval from the state's attorney general's charities bureau as well as the state Department of Health. Sound Shore successfully argued that an auction was unnecessary, citing its fruitless year-long search for potential buyers, according to the report.
Sound Shore filed for bankruptcy in May and announced plans earlier this month to lay off nearly 2,000 employees. Montefiore issued a statement saying it's committed to preserving jobs, according to The Journal News.
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