Hospital Partners of America: Court OK's $155 million sale of assets

By Lisa Kerner

Charlotte, N.C., April 20 - Hospital Partners of America, Inc. received court approval to sell debtor SJ Medical Center Management, LLC's 78.2% membership interest in SJ Medical Center, LLC (St. Joseph Medical Center) to Iasis Healthcare LLC for $155 million, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

St. Joseph Medical Center is a 792-bed facility in downtown Houston.

No other qualified bids were received by deadline and there were no objections to the sale, the filing said.

Iasis, a Franklin, Tenn.-based owner of medium-sized acute care hospitals, said previously it expects to close the transaction during its third fiscal quarter of 2011.

Hospital Partners of America, a Charlotte, N.C.-based privately held company that develops and operates hospitals, filed for bankruptcy on Sept. 24, 2008. Its Chapter 7 case number is 08-12180.

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