FRESNO, CA (KMJ) – Tulare Regional Medical Center suspended all operations on October 29, 2017 following Chapter 9 bankruptcy filing the month before.
A year later, the hospital is planning to reopen.
A news release issued late Thursday afternoon says the hospital is scheduled to open at 9:00 a.m. on Monday, October 15th.
The release says the Tulare Local Healthcare District and Adventist Health agreed to lease terms.
Adventist Health has agreed to pay an annual $2.335 million lease of the hospital and other buildings on the campus at 869 N. Cherry St.
Adventist Health has agreed to release the collateral securing its $10 million loan, enabling the district to use those assets to secure other favorable loans.
The other loans will be needed to resolve “issues related to the poor decisions of the prior board and management,” the statement read.
The agreement does not include other properties owned by the district, such as Evolutions and clinics, which must be approved by the district voters in the November 6th election.
“The lease will enable us to pay off debt, including the loan from Adventist Health, reduce our administrative and operating expenses and ultimately improve our community’s health and well-being,” said district Board President Kevin Northcraft. “We are very excited about what this means for Tulare.”
Besides the annual lease and the $10 million loan, Adventist Health has spent more than $200,000 on hospital improvements and has provided hundreds of hours of staff time to reopen the hospital.
