Tower Begins Closer Look at Sale Proposals in Hand

Tower Health’s flagship (at top), Reading Hospital

WEST READING PA – Tower Health’s chief executive officer expects it could take several months for the healthcare provider to evaluate which, if any, it considers the best of offers received by the end of April to purchase all or parts of the company, the Philadelphia Business Journal reported Wednesday night (May 19, 2021) in what it labeled as an “exclusive” article.

Journal Senior Reporter John George wrote that interim CEO P. Sue Perrotty said Tower Health attracted “multiple indications of interest” from prospective partners. Enduring what it acknowledges are dire financial straits, the company last month sought proposals for the possible sale of its facilities, including Phoenixville and Pottstown hospitals.

Perrotty declined to identify any of the bidders or specifics of their bids, except to say each was “varied” in approach. More than one merited closer looks that would occur over an extended period, she indicated. Tower Health anticipates taking time time to better understand how, and how well, some transactions might work.

So far, she added, company directors have made no decisions on any partnership. They continue to explore options that meet its goals and drive long-term viability, Perrotty noted.

Photo supplied by Tower Health