FOX5 Vegas - KVVUNevada Cancer Institute files for bankruptcy; to be sold
Member Center:
Nevada Cancer Institute (NVCI), a nonprofit, announced Friday it has filed for bankruptcy and has agreed to be sold to UC San Diego Health System (UCSD).
NVCI has been struggling with debt and the arrangement will allow for a debt reduction of more than $50 million.
Per the deal, NVCI will sell its outpatient cancer treatment facility, operations and some personal property to UCSD. The sale is expected to close in early 2012.
NVCI is seeking a motion that would allow other interested investors to submit higher bids.
NVCI says operations will continue during the restructuring process and that employees will continue to receive wages and benefits.
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