St. Vincent Medical Center in Toledo, Ohio, is expected to acquire the assets of Parkview Hospital, Toledo's only osteopathic hospital, for $2.1 million.
The announcement by Parkview executives came soon after the hospital filed a long-expected petition for federal bankruptcy court protection. They said last month they expected the facility to close in six to 12 weeks (Aug. 1, p. 11).
St. Vincent, the city's second-largest hospital, signed an agreement to buy Parkview's assets, including buildings and records, Parkview President Joseph Ferguson said.
He said he didn't know what 532-bed St. Vincent plans to do with Parkview, a 114-bed facility, which is scheduled to close at the end of the month.
Some analysts have said the hospital might make a good clinic or community center.
St. Vincent executives couldn't be reached for comment.
Parkview filed a petition in U.S. Bankruptcy Court this month, a move that follows several years of financial losses.
Under its Chapter 11 bankruptcy filing, Parkview buys time to get its affairs in order and protects itself against lawsuits by creditors, said bankruptcy attorney Raymond Beebe.
The hospital has assets of $11 million and liabilities of $15.3 million, the petition said.
Its occupancy rate had plunged to 29% last year, Mr. Ferguson said.