LAS VEGAS, NV ? Nevada Cancer Institute announced Friday it has entered into an agreement to sell its state-of the-art outpatient cancer treatment facility and its operations to the UC San Diego Health System.
The sale to UCSD is occurring in conjunction with a negotiated restructuring with NVCI?s lenders that is expected to reduce NVCI?s debt by more than $50 million. The sale and consensual restructuring will allow NVCI to continue with increasing cancer knowledge, funding cancer research and treatment.
NVCI will file a voluntary petition to restructure under Chapter 11 of the United States Bankruptcy Code.
?The sale of NVCI?s operations and treatment facility to UCSD, along with the debt restructuring, are great news for NVCI, our patients and the community, and if approved, will preserve NVCI?s important mission and ensure that Nevadans will continue to receive comprehensive and innovative cancer care,? said Michael W. Yackira, chairman of NVCI?s board of directors.
The sale is expected to close in early 2012.
Source: http://lasvegas.cbslocal.com/2011/12/03/nevada-cancer-institute-announces-sale/
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