Verity Health Systems – a California based health organization operating four hospitals in the region, has reportedly announced the completion of the sale transaction of St. Vincent Medical Center, in Los Angeles, to Dr. Patrick Soon- Shiong, an American-South African surgeon and business tycoon, after the approval from U.S. bankruptcy court.
Reportedly, as per the deal, Dr. Patrick Soon-Shiong will gain all the assets belonging to St. Vincent for approximately US$135 million. Moreover, Dr. Patrick Soon-Shiong will acquire the lease responsibilities between the State of California and Verity Health Systems which will allow the State to use the main campus to provide necessary services related to the SARS-CoV-2 (COVID-19) virus and related infectious diseases.
Dr. Patrick Soon-Shiong is likely to use other buildings on the St. Vincent premises to carry out critical coronavirus research. According to Rich Adcock, CEO, Verity Health, the purchase will help Dr. Soon- Shiong and his team to improve their relations with the State and local government in order to address issues related to COVID-19.
For the record, St. Vincent is the oldest hospital in Los Angeles with a strong history of innovation and providing medical care to the poor and needy. St. Vincent provided necessary help during the smallpox pandemic witnessed between 1876 and 1877.
In a statement by Dr. Patrick Soon-Shiong, the prominent medical center will continue to carry out necessary innovations and taking care of the people. With the acquisition, Dr. Soon-Shiong and his team will ensure preparedness against virus threats like the recent coronavirus outbreak. The partnership with the State of California that seeks the usage of St. Vincent during this time of crisis will help fight the pandemic by serving as the Los Angeles Surge Hospital.
Notably, the approval for the sale was granted by the court under Section 363 of the U.S. Bankruptcy Code.
Source Credits: https://apnews.com/fc7f1362c737496c9dd1c42f8ea45bde