Credible Buyer Seeks to Acquire MetroSouth Medical Center
MetroSouth Medical Center Owner Prefers Closure to Sale of Hospital
By: MSMC Management, LLC
Our companies participated in the first turnaround in 2008. After 4 successful years, MSMC sold for $40,000,000 to CHS/Quorum. My companies left MSMC in 2013 over concerns of management style and patient safety issues. Because we know firsthand how to successfully turn around MSMC, we formed MSMC Management, LLC specifically to acquire the hospital. We were in negotiations with Quorum Health prior to formal announcement that the hospital will close on 9/30/19. We believe a viable acquisition is possible and hospital closure avoidable.
During due diligence reviewing financials and contracts, we identified recurring, conflicting statements and misleading agendas from management at local and corporate levels, communicated to hospital employees, the City, and the State of Illinois. In June 2019, we agreed upon the purchase price and secured financing. However, the terms were not appropriate and forced us to pause negotiations. Ultimately, we believe Quorum Health was not intent on selling us the hospital.
By liquidating the hospital, Quorum will extract tens of millions of dollars for its Nashville, TN headquarters, likely to pay company debt, increase stock prices, and improve profits. This impacts tens of thousands of patients who depended on the hospital for 100+ years. Avoiding closure is an opportunity to prevent hardship on a poor and working-class community.
Ken King, SVP of Acquisitions for Quorum Health (615-495-6374)
Employees organized grass roots political campaigns via petitions for the Governor (2,248 Signatures) and the States Attorney (212 Signatures).
Petition to the Governor: https://www.gopetition.com/
Petition to State's Attorney: https://www.gopetition.com/
Hospital employees feel false and fraudulent statements from Quorum violated company bylaws and State/Federal protections. Employees and citizens are devastated by the Governor's Office and State's Attorney lack of response nor attempts to stop hospital closure. Physicians and employees engaged the Mayor, State Representative, State's Attorney, Attorney General, and Governor of Illinois without any tangible success.
MSMC Management, LLC
Page Updated Last on: Sep 05, 2019