Victor Valley Community Hospital Sells Assets; Hospital Creditors May Receive Payment in Full
December 17, 2010
On November 9, 2010, Judge Catherine Bauer, US Bankruptcy Judge for the Central District of California, Riverside Division, approved the sale of substantially all the assets of the Victor Valley Community Hospital to Victor Valley Hospital Acquisition, Inc. and Victor Valley Hospital Real Estate LLC for $37 million. The sale still requires approval of the Attorney General of the State of California, but if the sale is approved, it appears that this transaction will provide sufficient funds to pay all creditors of the hospital in full and may leave funds for a surviving not-for-profit foundation to fund projects related to the quality of healthcare in the Inland Empire.