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Christ Hospital says CA company pulled out of purchase deal because it feared a political fight

The Jersey Journal, February 17, 2012

Prime Healthcare Services withdrew its bid to purchase Christ Hospital in Jersey City because it believed there were "political forces working against it," according to documents filed in U.S. Bankruptcy Court last week. The 34-page filing, which includes another 239 pages of exhibits, gives some sense of the precarious financial situation faced by Christ Hospital before it decided to seek a bankruptcy-fueled restructuring. As of Dec. 31, 2011, the hospital had $38 million in assets and $115 million in liabilities, according to the filing. The hospital had drawn up a 2012 budget that would have eliminated 67 positions, the filing states.