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Dallas Methodist may Save Bankrupt Forest Park in $17.6M Purchase

May 07, 2016 07:20AM ● Published by Kevin

Forest Park Medical Center, Southlake. Photo courtesy of the hospital's Facebook page.

Dallas' Methodist Health Center may have saved the physician-owned Forest Park Medical Center Southlake in a $17.6 million deal on April 27. The community was shocked to hear of the hospital's bankruptcy, announced earlier this year. As Methodist was the only prospective buyer, according to the Dallas Morning News, Forest Park will not be placed into bankruptcy auction.

"U.S. Bankruptcy Judge Russell Nelms must still approve the deal, which the hospital hopes to close by late May," the Morning News reported. "Methodist expects to extend employment offers to most of the hospital’s employees, court records state."

Methodist grows its list of facilities in North Texas, which includes hospitals in Dallas and Mansfield. 

Forest Park had not ceased operations through the bankruptcy, and was even recognized through accreditations as recently as mid-March.

"
Forest Park Medical Center Southlake has earned the Accreditation as a Comprehensive Center for Bariatric Surgery, which is recognized by MBSAQIP!" a March 10 Facebook post said. "We will be immediately expanding our bariatric service to patients eligible to attend our Bariatric Center of Excellence!"

The facility 
was named seventh on a top-20 list of the most beautiful hospitals in the country in July 2015 by Soliant health.

"
When the hospital filed for bankruptcy in January, it reportedly had assets and liabilities valued at $10 million to $50 million, records show," the Morning News reported. "It had earlier been sued by a Missouri bank for defaulting on a $9.4 million loan for medical equipment."

Click here to read the full story.
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