Genova Burns Successfully Obtains State Court Approval of the Sale of Christ Hospital Under the Community Health Care Assets Protection Act (CHAPA)
July 5, 2012
After a lengthy regulatory process and recent expedited judicial proceedings, Genova Burns, led by partner Celia S. Bosco, successfully obtained approval from both the Attorney General and Superior Court of New Jersey for the sale of Christ Hospital to Hudson Hospital Opco, LLC and Hudson Hospital Propco, LLC under the Community Health Care Assets Protection Act (CHAPA). Although the U.S. Bankruptcy Court approved sale in March 2012 after the Hospital filed for bankruptcy, State court approval of the sale was required under CHAPA before the sale could be consummated. Now that this final major State regulatory hurdle has been cleared, the transaction is expected to close later this month, resulting in a license transfer to the new owners.