Corona-Based Group Bids $610 To Purchase Four Verity Health System Hospitals
Verity Health filed for bankruptcy in August 2018 and has since been seeking buyers of its hospitals. If KPC Group’s bid is approved by a court next month, an auction could be held in April.
Los Angeles Times:
KPC Group Bids To Buy Four Verity Health Hospitals
Corona-based KPC Group has bid $610 million to purchase four of the nonprofit Verity Health System hospitals, including two in Southern California. The KPC Group is the initial bidder for St. Francis Medical Center in Lynwood, St. Vincent Medical Center in Los Angeles, Seton Medical Center in Daly City and Seton Coastside in Moss Beach. (Masunaga, 1/18)
San Jose Mercury News:
Verity Health Gets $610 Million Offer For Four Hospitals
Verity Health bought the six hospitals in 2015 from financially strapped Daughters of Charity Health System, a Catholic nonprofit that operated safety net hospitals for low-income patients. But Verity Health filed for bankruptcy in August 2018 and has since been seeking buyers of its hospitals. “When we began this process, our goal was to ensure these important historic institutions continued to provide the high level of care local communities need and deserve. We have reached an exciting milestone as we get closer to this goal becoming a reality,” Rich Adcock, CEO of Verity Health, said in a written statement Friday. “Verity has remained committed to finding the right buyer to provide uninterrupted service and operations for all employees, physicians and patients, and we will continue that commitment as this process advances.” (Vo, 1/18)