Sale of Girard Medical Center has a new closing date
The center is part of the bankrupt North Philadelphia Health System. Its sale is now expected to be completed by Nov. 30, a month later than the original closing deadline.
The sale of Girard Medical Center, part of the bankrupt North Philadelphia Health System, is now expected to be completed by Nov. 30, a month later than the original closing deadline, attorneys told U.S. Bankruptcy Judge Magdeline D. Coleman Wednesday.
Terms of the August sale agreement called for the buyer, Iron Stone Real Estate Partners, to reach an agreement to lease the property to the city, which in turn is expected to hire a unit of NHS Human Services to run drug-treatment and behavioral-health operations at the 801 W. Girard Ave. facility. Iron Stone agreed to pay $8.5 million.
"The leases are not complete, but the parties are close," Martin Weis, a Dilworth Paxson attorney representing North Philadelphia Health System, assured the judge.
NHS held a job fair at Girard Medical Center in September and made conditional offers to 333 of the facility's 570 current employees. Additional conditional offers are expected to be made at a second job fair on Nov. 8. Conditions include Iron Stone's completion of the purchase and a background check.
As part of the sales agreement, Community Behavioral Health, which overseas mental-health care for Medicaid beneficiaries in the city, said it would subsidize North Philadelphia Health System's operating losses from Sept. 1 through the closing.