Sale of local hospitals falls through due to financing issues

The non-profit WoodBridge Healthcare Inc. announced on Tuesday their agreement to acquire Commonwealth Health has been terminated. In July, WoodBridge Healthcare Inc. announced they signed a contract to acquire Commonwealth Health from subsidiaries of Community Health Systems Inc. A Woodbridge spokesperson said the company retained the investment banking firm Zeigler, to secure the funding for the acquisition through the allocation of tax-exempt bonds. However, Ziegler wasn’t able to sell the bonds and without the bond financing, the agreement for WoodBridge Healthcare to acquire Commonwealth Health was terminated.