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Randolph Health News

FOR IMMEDIATE RELEASE
8/31/2020 12:00:00 AM EASTERN
Updated: 8/31/2020 1:24:57 PM EASTERN
For more information, contact Paula Richards.
Randolph Health Finalizes Agreement with Potential Buyer

    ASHEBORO –   Last week was a very important week, as several milestones were achieved to protect local health care in Randolph County. On Tuesday, August 24th, the Randolph County Commissioners unanimously approved a pair of resolutions, which authorized the county to apply for the $20 million loan from the Rural Health Care Stabilization Act from the North Carolina General Assembly.

     On Friday, August 28th, two major milestones were achieved. Randolph Health finalized an agreement with Dava Foundation, Inc., to acquire substantially all of Randolph Health’s operating assets. The finalized Asset Purchase Agreement was filed with the United States Bankruptcy Court for the Middle District of North Carolina on Friday. This proposed agreement ensures continued local access to the health care services that Randolph County residents have today, while also preserving the jobs of Randolph Health employees. The agreement is subject to bankruptcy court approval and will progress through the normal course of the bankruptcy process. The goal is to finalize the purchase before the end of the calendar year.

     Also, on Friday, the Randolph County Commissioners submitted an application to receive funds from the Rural Health Care Stabilization Act. These funds are an essential piece in helping to ensure continued access to local health care. If the application is approved, the $20 million loan will be awarded to Randolph County and the Randolph County Commissioners will grant the funds to the future health care entity, which will use the funds for capital improvements and operational needs.

     “We are encouraged by the progress we are making toward preserving access to local, high-quality health care for years to come,” said Angela Orth, chief executive officer at Randolph Health. “It has been a long journey, but our commitment to find a solution that ensures access to local health care for our residents has never wavered. We will continue to update our employees, physicians and the community with additional details over the coming weeks and months.”

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