CONNERSVILLE — Reid Health's move to acquire the assets of Fayette Regional Health System is expected to be completed Monday with the Connersville hospital changing its name to Reid Health Connersville on Tuesday.

On Friday afternoon, Reid announced new details about the changeover that has been in the works since a deal was struck between the two health systems in May.

Fayette Regional had been looking for new ownership after filing for Chapter 11 bankruptcy protection in an Indiana federal court in October. An auction was set for May but was called off when no qualified offers were received.

Reid Health was rumored to have been interested in participating in the auction, but hospital officials declined at the time to confirm that to be the case.

Just a few days later, Reid said it had agreed to buy "a substantial portion" of the assets of Fayette Regional in a deal that was to include a $12.75 million payment to the Connersville hospital's bankruptcy estate.
Copyright © 2019 www.pal-item.com.