Business
Tenet sells hospital in Spain
NEWS IN BRIEF — Posted June 21, 2004
Tenet Healthcare Corp. has pulled out of the international market by selling its only foreign hospital.
The troubled for-profit hospital chain announced May 28 that one of its subsidiaries had sold Centro Médico Teknon, a 257-bed acute care facility in Barcelona, Spain, to the British company BC Partners, Ltd.
Proceeds of the sale are expected to total about $50 million. In addition, BC Partners agreed to assume about $31 million in long-term debt and other liabilities.
Tenet is shedding dozens of hospitals as it tries to restructure following a year and a half of legal and financial woes. In January, the Santa Barbara, Calif.-based company said it was divesting 27 hospitals to focus on 69 core facilities.
In other company news, Tenet said it had reached an agreement to continue operating MCP Hospital in Pennsylvania through July 30 while proposals about the hospital's fate are considered. Tenet previously had announced it would pull out of the hospital by the end of June.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/06/21/bibf0621.htm.
