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Fri August 31, 2012
Attorney General gives MGH sale the go-ahead
MARQUETTE, MI-- Duke Lifepoint has been given the green light to purchase Marquette General Hospital.
Michigan attorney general Bill Schuette approved the sale Thursday. He assigned an eight-person review team to examine the proposed sale of non-profit MGH to for-profit Duke Lifepoint, and assigned an independent expert to value the hospital’s assets and review the sale process.
The total value of the sale is $483 million. MGH will pay off its significant liabilities, including more than $100 million in long-term debts and unfunded pensions, and $23 million will be given to the Marquette General Foundation—which will be renamed the Superior Health Foundation—to monitor and enforce Duke Lifepoint’s promises.
Duke must give the foundation periodic reports regarding hospital operations for at least ten years. Schuette also required the parties to recognize his continuing authority to enforce the terms of the sale, including Duke Lifepoint’s promises to provide charity care, continue core services, and invest capital.