Sale of hospital advances

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The sale of Pioneer Community Hospital of Patrick may be finalized as early as June.

Healthcare Management Partners (HMP), signed an Asset Purchase Agreement (APA) with Americore for Pioneer Community Hospital of Patrick, according to a news release.

The closing for the sale is expected within the next 60 days, after an auction and sale hearing.

A Chapter 11 reorganization plan was filed on March 31, 2016, according to previous reports.

Americore will be the stalking-horse bidder, a release stated.

According to online information, a stalking-horse bid allows a company to avoid low bids on its assets. The bankrupt company chooses the stalking-horse from a pool of bidders, and that company then makes the first bid on a bankrupt company’sĀ assets. Once that happens, other potential buyers also may submit bids.