Tenet Completes Sale of Redding Medical Center

Tenet Healthcare Inc. said Friday it had completed the sale of its troubled Redding Medical Center to North Carolina-based Hospital Partners of America.

Tenet said gross proceeds of the sale of the 246-bed hospital, including the property and equipment, came to about $55 million. Net, after-tax proceeds, including leftover working capital, will come to about $57 million, Tenet said.

The proceeds will remain with a Tenet subsidiary, Redding Medical Center Inc., which will continue to be responsible for liabilities, including court judgments that may result from pending lawsuits, the company said.

Tenet agreed last year to sell the hospital as part of a deal with the Office of Inspector General in the U.S. Department of Health and Human Services.