The state Department of Community Health has approved the sale of Banks-Jackson-Commerce Medical Center to a Tennessee company. The 90-bed hospital and nursing home cut 45 jobs last year to help stop bleeding coffers after starting the year with a $6.3 million budget shortfall and $5.2 million in short- and long-term debt.
Restoration Healthcare, a Tennessee-based hospital company, offered in June to buy the hospital for $7.1 million. Now that state officials have signed off on the sale, it should be finalized by the end of February.
Once that happens, a new governing board of corporate representatives and members of the hospital's medical staff will be appointed.
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