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Chapman Global Medical Center Launches Emergency Services Committee, Holds Inaugural Meeting with Stakeholders
ORANGE, Calif., July 28, 2023 (GLOBE NEWSWIRE) — Chapman Global Medical Center (“CGMC”), a KPC
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KPC Group Offers $610M For Four Verity Health Hospitals
Verity filed a motion Thursday in Los Angeles bankruptcy court to implement a public auction where other buyers could outbid KPC for Francis Medical Center in Lynwood, St. Vincent Medical Center in Los Angeles, Seton Medical Center in Daly City and Seton Coastside in Moss Beach. The winning bid is subject to the approval of the court and the California attorney general, depending on the buyer.
“Verity has remained committed to finding the right buyer to provide uninterrupted service and operations for all employees, physicians and patients, and we will continue that commitment as this process advances,” Rich Adcock, CEO of Verity Health, said in prepared remarks. KPC pledged to keep current employees.
KPC Group, which is the parent company of KPC Healthcare that operates seven hospitals in Southern California, would pay $420 million for St. Francis, $120 million for St. Vincent and $70 million allocated for Seton Medical Center and Seton Coastside, according to bankruptcy filings.
Private investment firm BlueMountain Capital Management bought the six-hospital system spanning Southern and Northern California from the financially encumbered Daughters of Charity Health System in late 2015, when it changed its name to Verity Health. BlueMountain pledged to invest up to $260 million in exchange for a lease on its information technology assets.
Nantworks, led by controversial entrepreneur Dr. Patrick Soon-Shiong, bought its stake in July 2017 and infused another $148 million in capital as Soon-Shiong eyed a testing ground for his precision medicine endeavors.
But Verity filed for bankruptcy in September, overburdened by more than $1 billion in bond debt and unfunded pension liability as well as its aging infrastructure.
Orange County Global Medical Center continues to offer the latest advancements in cardiology care services to our patients. As a County of Orange designated STEMI Receiving Center, our hospital provides patients with a variety of amenities and cardiac treatment options. As a comprehensive hospital, you will be provided with the highest quality of care. We look forward to serving your needs.
Orange County Global Medical Center proudly provides the local community of expecting mothers with comprehensive maternity services. As a Level III Neonatal ICU (NICU), we provide services to help new families with premature infants (including patients at less than 28 weeks of gestation), respiratory distress, infants of diabetic mothers, bilirubin issues, and others.
Orange County Global Medical Center is proud to partner with the American Trauma Society and it’s Trauma Survivors Network to help patients and their families, who have experienced trauma. Treatment and support doesn’t stop once you leave our hospital.