A court-appointed receiver says he has a tentative deal to sell a healthcare financier’s $55 million interest in Santa Ana-based hospital operator Integrated Healthcare Holdings Inc., according to court records.
Receiver Thomas Seaman said he’s reached a “tentative agreement” to sell an interest that Tustin-based Medical Capital Holdings Inc. has in the four-hospital Integrated chain.
Seaman said that he anticipated exchanging a letter of intent “in the next few days.”
If an agreement is reached, Seaman said he’d file a motion seeking court approval to sell Medical Capital’s interest in Integrated using an overbid procedure.
Medical Capital was shut down and placed into receivership by a federal judge in August after the Securities and Exchange Commission filed a fraud lawsuit against it.
Medical Capital was a medical receivables financing company that purchased account receivables from healthcare providers at a discount, and then collected on the debts.
Earlier this year, Medical Capital defaulted on $12.7 million financing commitment to Integrated, putting its four area hospitals at risk.
Integrated owes Medical Capital some $81 million in long-term loans, and relied on the company for short-term cash needs.
Integrated owns Western Medical Center-Santa Ana, Western Medical Center-Anaheim, Coastal Communities Hospital in Santa Ana and Orange’s Chapman Medical Center.
