Attorney General Richard Cordray has put his stamp of approval in regard to the sale of Forum Health.
During a 3:30 p.m. news conference Monday from Cordray's Youngstown office on West Federal Street, he said his office filed the Notice of Completion, meaning the official review of Ardent Health Services is now complete. His office has given its approval for this proposed action to move forward, he said.
"I am confident this sale, if completed, would be in the best interest of the Mahoning Valley," Cordray said.
AHS has agreed to pay $69.8 million for the bankrupt health care system. Officials with AHS said it will purchase all three hospitals, as well as Forum's smaller entities.
AHS pledged to keep all of Forum's assests open and invest more than $70 million into the company over next five years.
An auction is set for Thursday for the bankrupt health care system. Before Monday, AHS, of Tennessee, had been the only one to make a formal bid. Community Health Systems, also a Tennessee-based company, made a bid Monday afternoon.
Since Forum Health was a nonprofit entity, the attorney general's office would have to approve the sale because Ardent is a publicly-traded company and if Forum were to be purchased by AHS, it would lose its nonprofit status. Cordray's responsibility was to keep the community's best interest before making a decision.
Forum Health in March 2009 filed for Chapter 11 bankruptcy protection. Its facilities include Northside Medical Center, Austintown Ambulatory, Trumbull Memorial Hospital and Hillside Rehabilitation Hospital.
