Pennsylvania promises $4.5M to keep Sharon Regional open for three months as buyer is sought

DALLAS - Pennsylvania’s Attorney General has put in writing a $4.5 million commitment to keep Steward Health from closing Sharon Regional Medical Center over the next three months while a new owner is sought.
According to a document filed in bankruptcy court in Dallas, Attorney General Michelle Henry, Pennsylvania will give the hospital $1.5 million per month for three months to cover operating costs.
The payments will cover costs including payroll, rent, supplies, and other expenses.
During those three months, the hospital will work with the state to try and sell the hospital to another buyer.
In August, Meadville Medical Center submitted a Letter of Intent to acquire Sharon Regional Medical Center contingent on financial support provided by the state.
The state agrees to provide financial reports to the hospital about how the money is being spent.
If a sale to another company doesn't happen by December 1st, the state can stop giving money and the hospital can close.
Both parties would discuss what happens to the hospital next.
Any disagreements between the state and the hospital will be settled in bankruptcy court.
The 163-bed hospital employs 750 workers.