Hillcrest ends possible deal to buy Knox Co. facilities

Hillcrest ends possible deal to buy Knox Co. facilities

Posted:

By HARLOW SUMERFORD
6 News Reporter

KNOXVILLE (WATE) -- A potential deal for Hillcrest Healthcare to purchase the three Knox County-owned facilities it operates has come to an end, officials announced Monday.

No specifics were given by Hillcrest but it released a statement that says:

"The executive committee of Hillcrest Healthcare's board of directors voted today to withdraw its response to the Knox County mayor's invitation to purchase the properties and buildings on which Hillcrest operates.

Executive committee members said Hillcrest wants to continue to focus on its mission of serving its residents, families, and employees.

'While the idea to purchase the property and facilities did not originate with us, we responded to the proposal because we thought it presented a win-win situation for both Knox County and Hillcrest," said Carolyn Pointer, Hillcrest's president and CEO. Knox County has been in conversation with Hillcrest today." 

County Mayor Mike Ragsdale's office released this statement:

"We completely understand their decision to withdraw their offer to buy the Hillcrest property.  Hillcrest has a lease with Knox County that was approved by County Commission in 2002. That lease will remain in place until 2012. Knox County will continue to honor that lease."

Hillcrest Health Care is a not-for-profit company. In November, representatives from two for-profit healthcare companies attended a county commission meeting and suggested they would be willing to pay more for the facilities than Hillcrest.

Hillcrest had agreed to pay $6 million plus interest that would eventually equal more than $10 million.

The three public hearings scheduled for later this month on the proposed deal have been canceled.

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