July 28, 2010
SUMNER REGIONAL HEALTH SYSTEMS ANNOUNCES GLOBAL SETTLEMENT WITH BONDHOLDERS, SUMNER COUNTY AND LIFEPOINT HOSPITALS, PAVING THE WAY FOR SALE OF THE HEALTH SYSTEM
Sumner Regional Health Systems, Inc., (HighPoint Health System), a not-for-profit healthcare system serving the needs of communities in Tennessee through its four hospitals and other healthcare related programs and services, today announced that a global settlement has been reached with HighPoint Health System bondholders, Sumner County and LifePoint Hospitals, Inc. (LifePoint) paving the way for the sale of the health system to LifePoint. A settlement agreement will be filed with the United States Bankruptcy Court for the Middle District of Tennessee by the end of this week.
Earlier this month, LifePoint agreed to provide care to Sumner County inmates through 2034, thus accepting all terms of the previous agreement that HighPoint Health System had with the county and removing one of the obstacles to the purchase of HighPoint Health System.
County Executive Anthony Holt said, “Our top priority throughout this process has been to protect the interests of Sumner County, and the agreements that we have reached with both the bondholders and LifePoint do exactly that. We are pleased that we have been able to resolve this matter in a way that protects the interests of taxpayers while ensuring that they will continue to benefit from the medical services HighPoint Health System provides for years to come.”
Roger E. Kaiser, Jr., M.D., CEO of HighPoint Health System, said, “Over the last several weeks, we have had a number of constructive discussions with county officials and today’s announcement is a testament to our collective commitment to securing the future of HighPoint Health System and ensuring that we are able to continue to serve the communities that have counted on us for more than 50 years. The sale of HighPoint Health System to LifePoint will provide the resources our system needs not only to survive, but to thrive, and the HighPoint Health System Board of Directors and I applaud the leadership and foresight the county has shown as we have worked together to secure the future of the organization that means so much to so many in our community.”
The sale remains subject to the approval of the Tennessee Office of the Attorney General. A decision is expected by July 31, 2010.
About Sumner Regional Health Systems, Inc.
Sumner Regional Health Systems, Inc. (SRHS) is a private, not-for-profit healthcare organization serving 11 counties in the northern middle Tennessee region. The system provides a wide spectrum of general and specialized healthcare services through its four community hospitals and multiple affiliates. Learn more about HighPoint Health System at www.sumnerregional.org.
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