Hutcheson CEO expects to get offer from buyer within week

Hutcheson Medical Center in Fort Oglethorpe, Ga., is in the news again. A bankruptcy trustee is asking for a quick hearing on whether the hospital's bankruptcy protection should be withdrawn.
Hutcheson Medical Center in Fort Oglethorpe, Ga., is in the news again. A bankruptcy trustee is asking for a quick hearing on whether the hospital's bankruptcy protection should be withdrawn.
photo Hutcheson Medical Center

During a U.S. Bankruptcy Court hearing this afternoon, Hutcheson Medical Center CEO Farrell Hayes testified that he believes a buyer for his hospital will make an offer within a week.

Hayes took the stand during a hearing in Rome to decide whether to end Hutcheson's Chapter 11 bankruptcy case. Without that protection, Hutcheson leaders might have to watch their property get foreclosed upon by Erlanger Health System, which loaned the north Georgia hospital $20 million in 2011.

The hearing will continue Friday in Atlanta.

But lawyers for Hutcheson, Regions Bank and a committee for unsecured creditors all argued today that the hospital should stay in bankruptcy until a new buyer can take over. They estimated the process will take about four months.

Hayes said his financial consultants told him Tuesday night that one prospective buyer is close to filing a formal offer for the hospital.

Upcoming Events