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For-profit Prime Healthcare buys Lower Bucks Hospital

Prime Healthcare Services Inc., a California for-profit hospital operator, said it completed its purchase of Lower Bucks Hospital in Bristol - which had been running out of cash to operate - in a deal that calls for Prime to invest $10 million in Lower Bucks within five years, hire all 950 employees, and honor union contracts.

Prime Healthcare Services Inc., a California for-profit hospital operator, said it completed its purchase of Lower Bucks Hospital in Bristol - which had been running out of cash to operate - in a deal that calls for Prime to invest $10 million in Lower Bucks within five years, hire all 950 employees, and honor union contracts.

Prime will assume the liabilities the 156-bed Lower Bucks had when it exited bankruptcy in January. Those debts include a $1.2 million note to unsecured creditors, a $2 million mortgage on a surgery center, and $500,000 owed on a $1 million note to Pension Benefit Guaranty Corp.

Prime bought Roxborough Memorial Hospital for $23.5 million in February.