Twin City completes sale to Franciscan Services Corporation
May 10, 2011
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Twin City Hospital has announced the successful completion of the sale of the hospital to Franciscan Services Corporation. Under the terms of the final purchase agreement, as approved during bankruptcy proceedings held on Monday, May 9, Franciscan Services Corporation (FSC) has purchased Twin City Hospital. The hospital will continue to operate as a 25-bed critical access hospital, but will now be known as Trinity Hospital Twin City, sponsored by the Sisters of Saint Francis in Sylvania.
This is the best possible outcome for Twin City Hospital, shared Frank Swinehart, Twin City Hospital Interim CEO from Quorum Health Resources (QHR). Franciscan Services Corporation knows what it takes to successfully manage critical access hospitals. Their guiding principles align very well with the spirit of this community; I believe they can do nothing but thrive here.
I would like to thank Navigant Capital Advisors (NCA) for their role in the sale of the hospital, Swinehart continued. I truly believe that we could not have found a better match for this hospital and the community.
Throughout Twin City Hospitals process of financial reorganization, QHR provided interim management services and NCA served as the financial advisor to the board of trustees.
The Twin City Hospital board of trustees would like to thank QHR for their knowledge and professionalism that has seen the hospital through this challenging time, stated Doug Ross, president, Twin City Hospital board of trustees. We would also like to thank all of the hospital employees and physicians; they remained focused and continued to deliver high-quality care throughout this process, shared Ross. We know this past year has been tough, and we sincerely appreciate their dedication and loyalty to their work and to our community.
We especially appreciate the support of the community and the generosity of our donors to raise funds to help the hospital over the past several years. Without their support, we wouldnt have made it to today, commented Ross. Lastly, I would like to thank all of the members of the Twin City Hospital board of trustees for coming together and making some difficult decisions this past year. This sale ensures quality health care for the residents of the Twin Cities and surrounding area for many years to come and that has ultimately been our goal.
Twin City Hospital currently employs 210 full-time and part-time employees. Trinity Hospital Twin City will be assuming all of the hospitals employees, including the Twin City Medical Group physicians, and will maintain their original dates of hire.
FSC member organizations located in Ohio, Texas and Kentucky now include six hospitals, seven long-term care facilities, four assisted living facilities, independent senior housing, a counseling center, and a long-term shelter for victims of domestic violence.
