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
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