Court Approves Verity Health System’s Sale of Seton Medical Center to AHMC Healthcare Inc.
May 11, 2020 | Seton News, Verity News
LOS ANGELES—April 23, 2020—Verity Health System (“Verity Health”), a nonprofit healthcare system, today announced that it received approval from the U.S. Bankruptcy Court in Los Angeles for the sale of Seton Medical Center in Daly City, CA and Seton Coastside in Moss Beach, CA to AHMC Healthcare Inc. (“AHMC”).
AHMC will acquire Seton Medical Center and Seton Coastside for $40 million, as set forth in the agreement. The Court approved the sale under Section 363 of the Bankruptcy Code.
“Seton and Seton Coastside are integral to the health and well-being of the communities they have served for many decades,” said Rich Adcock, CEO of Verity Health. “We are confident that AHMC will carry forward Seton’s legacy and continue to deliver patient-centric, quality health care to our entire community.”
“AHMC, along with the close collaboration we have developed with the Allied Physicians Medical Group, looks forward to ensuring that the community continues to be well-served by the high-quality, accessible medical care that Seton and Seton Coastside provide,” said Eric Tuckman, spokesperson for AHMC. “As the State healthcare system faces mounting challenges in the battle against COVID-19, investing in community hospitals, with the continued support of the community, the County of San Mateo, and the hospital’s physicians, nurses and employees, is important now more than ever.”
Verity Health filed chapter 11 bankruptcy in August 2018.