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Credit crunch derails planned sale of HCA hospital

The Tennessean, January 7, 2009

HCA Inc.'s agreement to sell a hospital in Pensacola, FL, fell through after the nonprofit healthcare system that sought to buy it couldn't secure financing. Last June, Baptist Health Care announced the $250 million asset-purchase agreement with HCA under which it would buy West Florida Hospital. Baptist obtained regulatory approval, but it couldn't secure financing by year-end as required under the agreement. Al Stubblefield, Baptist's president and chief executive, said that the system's plans to close the deal fell victim to the nation's weakened economy and financial meltdown.