Verity Health System (“Verity Health”), a nonprofit healthcare system, announced Thursday that it has completed the sale of St. Vincent Medical Center (“St. Vincent”) in Los Angeles, CA to Dr. Patrick Soon-Shiong following the U.S. Bankruptcy Court approval. Under the agreement, Dr. Patrick Soon-Shiong will acquire all assets related to St. Vincent for $135 million ($135,000,000). Additionally, Dr. Patrick Soon-Shiong will assume the lease between Verity Health and the State of California, which allows the State to utilize the main campus to provide services related to the SARS-CoV-2 virus and related infectious disease (“COVID-19”) pandemic. Dr. Patrick Soon-Shiong will also use the other buildings on the St. Vincent campus to conduct critical COVID-19 research. The sale was approved by the Court under Section 363 of the U.S. Bankruptcy Code.
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Source: https://www.businesswire.com/news/home/20200416006011/en/Verity-Health-System-Completes-Sale-St.-Vincent