HUD TO PUT ST. MARK’S UP FOR BIDS
The U.S. Department of Housing and Urban Development will be placing the St. Mark’s Medical Center in La Grange up for bids in an upcoming note sale.
St. Mark’s had been in negotiations with Progressive Health Group, which is a Mississippi-based organization, about purchasing the facility, which closed last October due to financial issues, and re-opening it as a Rural Emergency Hospital.
St. Mark’s and PHG kept HUD apprised of their discussions regarding an asset sale. However, both organizations were aware that HUD was preparing to include the St. Mark’s note in an upcoming note sale should their transaction prove unsuccessful or unacceptable.
St. Mark’s Chairman Dudley Piland told the Fayette County Record that they received a letter from HUD that said, “a note sale is the most expedient process in which to maximize recovery to the FHA (Federal Housing Administration) insurance fund.”
On July 16, HUD published a notice of a Healthcare Loan Sale, and the St. Mark’s note was among them.
HUD explained in the notice that they chose a competitive auction as the process to sell the notes, because it optimizes their return on sale, affords the greatest opportunity for qualified bidders, and provides the most efficient process for them dispose of the loans.
Whoever makes the winning bid would have the ability to keep the facility as a hospital, or use it for something else entirely.
Piland said that PHG told them that they are not interested in being a bidder in the loan sale, but they are willing to consider operating the facility should the successful bidder want to re-open it as a hospital.
Bids for the loan sale are due on or about August 21.
We will never get back our very nice local hospitals. I am tired of everything thing turning into one big mess.Why do we let this happen? We have some very poor leaders in my opinion. Time for a change. There needs to be accountability for their failure a basic need is a local hospital. Where is yours Fayette county? Up for grabs I would say. Why? Who is behind this closing and why is HUD so set on selling it off? We can afford to give billions to Ukraine but can’t keep doors open on a hospital?