Prospect Medical Holdings, Inc. (Prospect Holdings or the Company) announced that it intends to sell Crozer Health and its operating assets, including all hospitals, ambulatory surgery centers, clinics and physician offices, to a not-for-profit consortium of healthcare operators (the Consortium). To facilitate the proposed sale, Prospect Holdings has been and will continue to work constructively with the Commonwealth of Pennsylvania.
The proposed sale will support the preservation and continuation of services to all members of the Delaware County communities that rely on Crozer Health for critical medical care. Additionally, the not-for-profit Consortium intends to continue Crozer Health’s longstanding commitment to training new generations of physicians and other healthcare providers, as well as providing support for community programs that improve the health and well-being of residents and families throughout the area.
The proposed sale remains subject to definitive documentation, which Prospect Holdings intends to file with the Bankruptcy Court in the coming days. The sale agreement will be subject to approval by the Bankruptcy Court and other customary closing conditions. Prospect Holdings will seek Bankruptcy Court approval of the proposed sale at a hearing currently scheduled to occur on February 6, 2025.
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