St. Christopher’s Hospital Goes to Auction in Philly
Yet another hospital bankruptcy has led to an auction and a sale. This time it was St. Christopher’s Hospital for Children in Philadelphia, Pennsylvania. The 188-bed hospital is a healthcare outpost in north Philly and one of only two children’s hospitals in the city. In 2018 it and Hahnemann University Hospital were sold by Tenet Healthcare (NYSE: THC) to California investment banker Joel Freedman, represented as American Academic Health Systems LLC (AAHS), for $170 million. Hahnemann’s financial troubles prompted American Academic to file for Chapter 11 bankruptcy protection on June 30 and led to that hospital’s closure in July 2019. St. Christopher’s... Read More »
Tenet Sells Struggling Philly Hospitals for $170 Million
Hospital deals are hopping in Philadelphia, this week. Last week, we reported on the merger of UPMC and PinnacleHealth, which brought Pittsburgh-based UPMC into the south central part of the state, where PinnacleHealth is strong. Now Tenet Healthcare (NYSE: THC) is selling two Philadelphia-based hospitals and other related operations to a new subsidiary of Paladin Healthcare, and a healthcare real estate investment trust (REIT). The deal involves Tenet’s Hahnemann University Hospital, St. Christopher’s Hospital for Children, and two Tenet-owned physician practices. The buyer is American Academic Health System, LLC (AAHS), newly formed by Paladin to own and operate academic... Read More »Schedule a demo
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