Wadley Regional Medical Center (WRMC) today announced court approval for its parent company Brim Holdings of Texas, an affiliate of IASIS Healthcare, to purchase Medical Park Hospital (MPH) in Hope, Arkansas.
The United States Bankruptcy Court for the Western District of Arkansas approved the sale which is expected to close on August 1, 2012.
MPH filed a Chapter 11 bankruptcy proceeding in early May of this year at the direction of the court appointed receiver, Jack Spencer.
At several different points during the process, WRMC provided the struggling hospital with interim financing to help the facility pay employees, bills and other expenses necessary to maintain day-to-day operations during the bankruptcy proceedings.
The sale and the transition of ownership is scheduled to occur on August 1, 2012.