Lee County Hospital Authority Repurchases Hospital Building from Americore Health, LLC

(Pennington Gap, Virginia). Earlier today the Lee County Hospital Authority Board of Commissioners closed on the transaction to repurchase the former Lee Regional Medical Center building from Americore Health, LLC.
Commissioners Approve Transaction to Repurchase Hospital Building
Earlier this afternoon, the Authority repurchased the former Lee Regional Medical Center building from Americore Health, LLC, and its affiliates. This transaction also severed the relationship between Americore and the Authority. The closing of this transaction concludes the diligent work of the Authority over the past few weeks to structure an efficient and quick separation from Americore. “When the Authority selected Americore during 2017, Americore was the only option that guaranteed the Authority to re-open a hospital in the county,” said Vice-Chairman H. Ronnie Montgomery.
The existing secured note on the building held by the Lee County Board of Supervisors will remain on the building and be repaid over time. Ballad Health provided the financing to remove the other existing debt on the facility created by Americore. “The debt from Ballad Health is not the debt of Lee County, but of the Hospital Authority,” said Mr. Montgomery.
“We look forward to working with Ballad Health to finalize the Hospital Authority’s arrangement with them for re-opening a hospital in Lee County,” he added

Updated: February 22, 2019 — 10:14 PM
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