News Headlines Article

Palm Drive completes $11 million bond sale
North Bay Business Journal

Palm Drive Hospital announced Wednesday that it has successfully sold off $11 million in bonds, moving the once financially beleaguered hospital out of bankruptcy three years after it sought Chapter 9 protection from creditors.

The bonds will repay a bridge loan to Sonoma County, at approximately $3 million, and $2.2 million will go to bankruptcy creditors. Another $500,000 will repay a loan from the Sonoma Community Foundation.