Franciscan Services Corp. acquired Twin City Hospital, a Dennison, Ohio-based hospital that filed for bankruptcy in October 2010 after defaulting on debt earlier in the year.
Franciscan Services acquires struggling Ohio hospital
The $4.9 million deal won approval from the U.S. Bankruptcy Court in Canton, Ohio, this week, court records said. The struggling 25-bed hospital will become a Catholic critical-access hospital operating under the name Trinity Hospital Twin City, according to a Franciscan Services news release (PDF).
Court records (PDF) said the hospital's net losses and limited funding for operations justified a prompt sale. Sylvania, Ohio-based Franciscan Services owns six hospitals in Ohio and Texas following the acquisition. The hospital finished a $12.5 million expansion that renovated its emergency room in 2009.
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