BRUNSWICK — The merger of Mid Coast Hospital and Parkview Adventist Medical Center was approved Thursday in U.S. Bankruptcy Court in Portland.
According to a press release from Mid Coast, U.S. Bankruptcy Court Judge Peter Cary approved the private sale of much of Parkview’s campus to Mid Coast, the key financial mechanism in Parkview’s “pre-packaged” bankruptcy plan.
The sale of Parkview to Mid Coast was scheduled to be completed later Thursday. Parkview filed for voluntary Chapter 11 bankruptcy protection June 15.
Norman Gosline, an independent real estate consultant, estimated the real property value of the assets included in the sale at $372,000, according to court documents.
Executives and board members of both hospitals scheduled a joint press conference Friday, Aug. 21, at 10:30 a.m. at Parkview to discuss how the institutions will be combined.
Parkview Adventist Medical Center, which opened in Brunswick in 1959, filed for bankruptcy on June 16.