Texas-based Canyon Atlantic Partners failed to post a $1 million bond required by a Pennsylvania Court to purchase two closed hospitals from Tower Health, The Philadelphia Inquirer reports.
Canyon Atlantic reportedly planned to take ownership of the Brandywine and Jennersville hospitals Jan. 1, but Tower Health canceled the sale agreement in December, saying the turnaround firm did not show it could effectively take over ownership.
The judge ordered Tower Health to resume sales efforts earlier this month and gave Canyon Atlantic 90 days to evaluate the condition of the facilities and determine what would be necessary to complete the sale.
Canyon Atlantic did not post the bond by the deadline yesterday, the newspaper reported. The firm could ask for additional time.
Canyon was expected to pay $1 million at closing and then up to $15.5 million to Tower over time, according to the report.
Jennersville Hospital closed at the end of December and Brandywine hospital closed Jan. 31. Read more.
