In an attempt to chip away at their millions in debt, Madera Community Hospital’s leaders are trying to sell off a 35.58-acre parcel of land for more than half a million dollars.
In November 2013, the hospital’s executives rented out the land to S&K Management, which redeveloped it into an almond tree orchard. In July, the management company made a cash offer of $569,280 to purchase the land, which sits less than two miles from Madera Community Hospital.
While the Madera hospital’s Board of Trustees authorized the sale, the transaction needs approval from Bankruptcy Court Judge René Lastreto. Additionally, the legal team representing the hospital’s creditors — or entities that the hospital owes money to — called for a competitive bidding process instead of a private sale to attract higher offers, Fresnoland reports. Read more.
