Community Health Systems, Franklin, Tenn., and Texas Health Resources, Arlington, said that they have reached an agreement on the sale of Communitys interest in 208-bed Presbyterian Hospital of Denton (Texas) to THR, the minority partner in the hospital. The tentative agreement also would settle a lawsuit filed in September 2007 by THR in Texas state court; the lawsuit was removed to U.S. District Court in Sherman, Texas, later that month. Sales terms were not included in the news release announcing the tentative agreement, nor do they appear in court records. Community and THR expect to close the deal by March 31.
Community acquired its interest in Presbyterian Hospital of Denton when it acquired Triad Hospitals in July 2007. Triad said in a 2007 securities filing that it owned an 80% interest in the hospital through a wholly owned subsidiary. Subsequent to the sale of Triad, THR notified Community of its intent to exercise its option to buy the remaining 80% interest in the hospital. -- by Vince Galloro