Presbyterian Intercommunity Hospital, in Whittier, Calif., has signed a non-binding letter of intent to acquire Downey (Calif.) Regional Medical Center and bring it out of bankruptcy, according to a report in the Whittier Daily News.
Under the letter of intent, Presbyterian would create a nonprofit organization to acquire Downey, which filed for bankruptcy protection in September.
From Presbyterian's perspective, adding Downey would beef up its presence in the region and enable it to become an integrated regional system, a process it has already begun, according to the report. Last week the hospital partnered with a physician group to open a 40,000-square-foot administrative facility in Whittier.
Read the Whittier Daily News report on Downey Regional Medical Center.