Bellin, DCHS sign interim credit agreement
IRON MOUNTAIN/GREEN BAY — Bellin Health has taken a few more steps towards acquiring the Dickinson County Healthcare System.
Bellin Health signed a credit agreement with DCHS. The agreement will provide DCHS with the funding needed to assist with short-term cash requirement and reinforces Bellin’s commitment to preserve the presence of healthcare in Dickinson County.
At Friday’s meeting of the Dickinson County Board of Commissioners, Bellin Health CEO George Kerwin and CEO of DCHS John Schon signed paperwork authorizing Bellin to create an emergency line of credit of up to $8 million. This will allow Bellin to subsidize DCHS, as it needs funds, leading up to the close of the transaction.
Kerwin and Schon also signed a lease agreement for the DCHS and Bellin Cardiology services to join forces as a Cardiology Center of Excellence. The pair also signed an agreement to appoint Bellin representative Amy Dettman as the Chief Restructuring Officer to oversee and facilitate the transaction of DCHS to Bellin Health.
The Dickinson County Board of Commissioners has a public hearing scheduled for Monday, March 26th at 7:00 p.m. CST. At this meeting, the County Commissioners will vote on the acceptance of the DCHS/Bellin Asset Purchase Agreement.
It is anticipated that the closing date for the acquisition will take place in late June or early July.