Tranzon Asset Advisors has announced a court-ordered sealed bid auction for assets of the former Pineville Community Hospital with the bids due in by July 15.
Tranzon is conduction the auction on behalf of the Trustee for the Bankruptcy Estate.
“The top priority of the Trustee is to put it in the hands of new owners who will provide the long-term stability and management the people of Bell County deserve. After looking at all our options, we determined that an auction would provide the best opportunity for this,” said Jon Gay, attorney for the Trustee for the Bankruptcy Estate.
The acute care hospital, located at 850 Riverview Road in Pineville, has a total of 120 beds, including 30 skilled nursing long-term beds and 12 geriatric/psychiatric nursing beds, as well as an emergency room, intensive care unit, radiology, operating room, physical and occupational suites. It is being offered as an entirety as well as in eight lots.
The city of Pineville took over day-to-day operations of the hospital on June 3. Mayor Scott Madon said the auction announcement does not change those operations.
“No. PCH was in bankruptcy before we got involved. This is part of the process that we knew was going to happen,” he said. “Things are going as expected. We will evaluate the bids and if none are accepted we will continue to maintain the hospital until it is up and running again.”
For years, the Pineville Community Hospital provided essential medical care to the people of Pineville and surrounding parts of Eastern Kentucky. So when the 120-bed hospital’s financial troubles became acute in recent months, the community responded. Employees stayed on the job even when paychecks were late. And ultimately, the City of Pineville came to the rescue with cash infusions and operations assistance.
“When someone is looking to invest in a business, few assets matter more than community support and employee dedication. In this case, you have a health care center whose dedicated employees kept working without pay, and whose city rallied to provide needed care when it was needed most,” said Ed Durnil, of Tranzon Asset Advisors.
Those seeking additional information about future auctions or about selling real estate may visit www.tranzon.com or call 866-243-8243.
Tranzon Asset Advisors, headquartered in Elizabethtown, Kentucky, is a partner company of Tranzon, LLC, selling valuable real estate assets throughout the United States and overseas with more than 27 offices nationwide. Tranzon Asset Advisors personnel hold to exacting standards of practice and are longstanding members of the national and numerous state auctioneer and commercial brokerage associations.