News Headlines Article

Palm Drive expects $10 million bond to take hospital forward
North Bay Business Journal

Mired in bankruptcy proceedings just three years ago, Palm Drive Hospital is poised to return to stability with the sale of $10 million in bonds that will enable it to move into the black and establish a fund for long-delayed improvements, the hospital said.

The board of directors voted unanimously to sell the bonds last week, which will enable the community hospital to pay off approximately $2.2 million to its creditors and about $3 million to the county for a bridge loan, Neil Todhunter, interim CEO, said.