SHARON, Pa. – Tenor Health Foundation Sharon LLC will pay $1.9 million to purchase the furniture, fixtures, equipment and inventory located at the facilities operated by Sharon Regional Health System Inc.
But – and it’s a big but – Tenor is not buying all the real estate owned by Medical Properties Trust.
MPT, which previously valued its holdings at $22 million, supports the sale transaction, according to testimony at an emergency hearing convened at 4 p.m. central time in the Houston courtroom of U.S. Judge Christopher Lopez.
Bill of sale documents filed with the court state Tenor is buying “all assets, properties, rights, and interests of every description … used or held for use in the operation of, or otherwise exclusively related to, the business of Sharon Regional Medical.”
Excluded assets are “all owned real property and all personal property located thereat, all insurance policies maintained by or on behalf of sellers covering the business and the purchased assets,” and certain business documents owned by Steward Health Care System.
As of this posting, the terms have not been disclosed of Tenor’s lease with MPT.
In addition to MPT, the transaction is supported by the commonwealth of Pennsylvania and other interested parties.
“Tenor is ready to proceed, either today or tomorrow, with reopening if they can,” the attorney representing the commonwealth said at the emergency hearing.
“This is good news for Sharon, and the community and the employees,” he said. “The devil is in the details and there are a lot of details,” which lawyers have agreed to work out.
Check our website Saturday morning for more about this developing story.