News

Nevada Cancer Institute Announces Sale

View Comments
NVCI

CBS Las Vegas (con't)

Affordable Care Act Updates: CBSLasVegas.com/ACA

Health News & Information: CBSLasVegas.com/Health

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

LAS VEGAS (AP) — The University of California, San Diego Health System has reached an agreement to acquire the financially troubled Nevada Cancer Institute in Las Vegas.

The Las Vegas Review-Journal reports the nonprofit medical center filed for bankruptcy protection Friday to help complete the sale.

The sale is occurring with a negotiated restructuring with the cancer institute’s lenders, and institute co-founder and board member Heather Murren says the banks have written off $50 million of debt.

UC San Diego spokeswoman Jacqueline Carr says her university is impressed with the cancer institute’s facilities and staff, and is excited about the prospect of bringing it into the UC, San Diego Health System family.

In its bankruptcy filings, the institute claimed $91 million in debt to a group of secured lenders headed by Bank of America.

The sale is expected to close in early 2012.

___

Information from: Las Vegas Review-Journal, http://www.lvrj.com


© Copyright 2011 The Associated Press. All Rights Reserved.

This material may not be published, broadcast, rewritten or redistributed.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,121 other followers