The bankrupt Promise Hospital in The Villages has been sold as part of a larger $63 million deal.
The long-term acute care facility located on County Road 472 has been sold for $4.9 million to Select Medical Holdings Corp. The sale also includes Promise Hospital facilities in Miami and Fort Myers.
Last year, Promise Healthcare Group LLC filed for Chapter 11 bankruptcy reorganization.
In its bankruptcy petition, the company said it had debt exceeding $565 million, plus accrued and unpaid interest of $110 million, accrued expenses and accounts payable of about $94 million, and capitalized leases of about $13 million.
The company was founded in 2003 by Peter Baronoff. He resigned last year as the company’s CEO.
A primary cause of the bankruptcy was a sharp decreases in Medicare reimbursement rates.
The 40-bed facility in The Villages opened in 2011.