Kentuckiana Medical Center, the bankrupt physician-owned hospital in Clarksville, Ind., has gone through several different financing proposals over the last several months in attempts to save the institution, and lawyers for the hospital have pitched a "much simpler" plan to the bankruptcy court, according to a Courier-Journal report.
Previously, private equity firm Argenta Group was going to finance KMC through the local municipal government with a $37 million investment. Last month, KMC lawyers told the bankruptcy court that Dylan Jagger Investment Co. would pay off the hospital's debt instead.
Because the previous plans did not pan out, a new group — the Granger Group, a real estate investment firm based in Wyoming, Mich. — has stepped in, according to the report. If the proposed deal is expected, the Granger Group will immediately provide $1.5 million to complete the 20 private rooms that are under construction so KMC can generate more revenue. The firm will then assume roughly $21 million of the hospital's debt.
KMC has until March 16 to finalize all information for the creditors and bankruptcy court.
Previously, private equity firm Argenta Group was going to finance KMC through the local municipal government with a $37 million investment. Last month, KMC lawyers told the bankruptcy court that Dylan Jagger Investment Co. would pay off the hospital's debt instead.
Because the previous plans did not pan out, a new group — the Granger Group, a real estate investment firm based in Wyoming, Mich. — has stepped in, according to the report. If the proposed deal is expected, the Granger Group will immediately provide $1.5 million to complete the 20 private rooms that are under construction so KMC can generate more revenue. The firm will then assume roughly $21 million of the hospital's debt.
KMC has until March 16 to finalize all information for the creditors and bankruptcy court.
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