Province Healthcare Co., Brentwood, Tenn., said it has signed a letter of intent to sell 65-bed Glades General Hospital, Belle Glade, Fla., to its original owner, the Health Care District of Palm Beach County. Terms were not disclosed. Province said the hospital's financial performance has not reached targets set in its 1999 purchase agreement, despite investments in new services; hitting the targets would have made Province responsible for building a replacement hospital. When it became clear the targets would not be reached soon, Province offered to begin negotiations with the district so it could pursue alternative means of building a replacement hospital, the company said. Province will take an undisclosed noncash charge to its fourth-quarter earnings. The deal is expected to close by March 31. Province owns or operates 20 hospitals and offers management services to 37 hospitals. -- by Vince Galloro
Province to sell back Fla. hospital to district
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