Forum filed a motion Thursday in bankruptcy court asking the judge to approve a sale to Ardent Health Services of Tennessee.
According to the filing, Ardent has submitted a bid to buy the hospital system for almost $70 million. It also includes the sale of all parts of the hospital system.
When we met with a spokesman from Ardent Health Services, we asked why the company would want to buy Forum Health, especially with all of its financial problems in recent years.
Keith Gwin said Ardent sees potential in the local system and then made a simple promise.
"We will keep every hospital open, we will hire every employee," Gwin said.
Gwin said that beyond the proposed $70 million purchase price, the Nashville-based company is committed to spending as much as $70 million more making needed improvements at Northside Medical in Youngstown, Trumbull Memorial in Warren and Hillside Rehabilitation Hospital in Howland.
Ardent is a for-profit business which owns hospitals in New Mexico and Oklahoma. But Gwin said the local community won't see a noticeable change in patient care.
Any deal ultimately has to be approved by both the Bankruptcy Court and the Ohio Attorney General.
If things run smoothly, Ardent executives hope a closing can be made on the sale around Labor Day.
U.S. Bankruptcy Judge Kay Woods will review the filing. That could take several months to complete.
"After a thorough evaluation of all options, the board concluded that the best possible outcome for Forum Health, our creditors and the community is a sale to Ardent, which is known for investing in quality care," said Phil Dennison, board chair. "The proposal by Ardent truly offers Forum Health a more secure and stable future and provides continued access to high-quality health care services for residents of the Mahoning Valley."
A prepared response from Forum said that Ardent has pledged to keep all of the hospitals open and invest and additional $50-70 million over five years in renovations and upgrades.
Ardent would also purchase Forum's physical group, its two diagnostic and imaging centers, and its five laboratory sites. Membership of all three unions representing Forum employees have shown support for an Ardent purchase.
Forum has been in Chapter 11 bankruptcy since March 2009. No hearing date has been set.
