The sale of Delaware County’s largest healthcare provider, nonprofit Crozer-Keystone Health System, to for-profit Prospect Medical Holdings is getting closer to completion, writes John George for the Philadelphia Business Journal.

A hearing on the proposed sale will be held by Delaware County Orphan Court next week, as the Court must approve the sale of any nonprofit organization. Crozer-Keystone filed its petition with the court earlier this month seeking approval for the sale. The final closing date is now expected to be June 30.

According to the filing, the listed purchase price is $300 million, which will mostly be used to pay off debts and liabilities. This includes $160 million in long-term debt, pension fund liabilities of up to $120 million, as well as $15 million in liability insurance coverage. The Crozer-Keystone Community Foundation will receive any remaining funds for local health projects and initiatives.

Prospect Medical has stated it plans to invest $200 million in Crozer-Keystone hospitals over the next five years, to modernize the facilities and maintain or expand key service lines. It will also assess expanding Crozer-Keystone’s Springfield Hospital campus.

The filing additionally states that Crozer-Keystone hospitals cannot be closed or sold for 10 years.

Read more about the sale in the Philadelphia Business Journal by clicking here.