Palm Drive Hospital, Sebastopol, Calif., which was plunged into bankruptcy three years ago, expects a pending $10 million bond sale will help improve its financial stability and pave the way for future improvements, according to a report in the North Bay Business Journal.
The hospital's board voted unanimously to sell the bonds, which will allow the hospital to pay off some $2.2 million to creditors and $3 million to the county for a bridge loan, according to the report.
Interim CEO Neil Todhunter told the Business Journal the bond sale marked a "turning point" for the hospital. However, the hospital faces other obstacles. The person chosen to become its permanent CEO, Richard Robinson, was abruptly withdrawn from consideration last week, just days before he was supposed to start the job.
Read the North Bay Business Journal report on Palm Drive Hospital.