Norman Hospital Wins Bid For Moore Hospital
Tuesday, February 27th 2007, 7:33 am
By: News On 6
NORMAN, Okla. (AP) _ Norman Regional Health System's last-minute bid proves to be the winning offer for cash-strapped Moore Medical Center.
Norman Regional Health purchased the 45-bed, acute-care facility for $34,250,000. Intergris Health system had bid $32 million dollars but Norman Health officials came in Monday with the higher offer.
Norman Regional Health System chief David Whitaker said the company will close the deal on Wednesday and employees would then become part of the Norman Regional health system.
The Schuster Group used a multi-million dollar loan from the US Department of Housing and Urban Development to build the hospital. It opened in 2005 but never turned a profit.
Moore Medical filed for bankruptcy protection October 28th, and Schuster Group sought bankruptcy protection for itself a short time later.