For Sale: Bankrupt Hospitals in America’s Heartland

Bankrupt hospital group Americore Holdings LLC was in a precarious spot before the coronavirus ripped through America’s heartland. Now, thanks in part to federal aid, it’s looking for buyers. The group is seeking bids on St. Alexius Hospital in St. Louis, Ellwood City Medical Center near Pittsburgh and Izard County Medical Center in Arkansas, according to bankruptcy court papers. With the U.S. economy at a virtual standstill since the pandemic spread, it’s a tough time to sell anything, let alone a hospital. But the Americore facilities are drawing some interest — six potential buyers had signed non-disclosure agreements as of April 21, the papers show. Americore filed for bankruptcy late last year amid a feud with lenders and a federal investigation into billing practices at one of the hospitals. The coronavirus pandemic, the company’s poor record keeping and limited access to cash have complicated efforts to stabilize operations, but CARES Act funds hit Americore’s books in April and proved a “breakthrough” for the hospitals, an attorney for court-appointed Trustee Carol Fox said in a hearing.

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