Signature Hospital Corp., Houston, announced that it is planning to sell its three hospitals and wind down its operations by the end of 2011.
Signature to sell hospitals, close
Signature already has a pending deal to sell one of its hospitals, 194-bed St. Joseph's Hospital, Parkersburg, W.Va., to West Virginia United Health System, Fairmont, for $100 million. The company hopes to complete the deal during the first quarter.
Signature also has hired FTI Consulting to explore the sales of its two other hospitals—68-bed Gulf Coast Medical Center, Wharton, Texas, and 99-bed Pampa (Texas) Regional Medical Center—and assist in operating those hospitals in the meantime, according to the release.
Charles Miller, co-founder and CEO of the company, has announced his retirement effective Jan. 31, according to Signature.
The company was formed in 2005 with $150 million in equity backing from an investor group led by investment bank Goldman Sachs and was originally headquartered in Dallas.
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