A federal bankruptcy judge on Friday approved the sale of a shuttered Los Angeles hospital to Dr. Patrick Soon-Shiong, who plans to create a coronavirus research facility on the campus, the Los Angeles Times reported. Judge Ernest M. Robles signed an order authorizing the sale of St. Vincent Medical Center for $135 million to Soon-Shiong. Judge Robles, in a tentative ruling issued earlier in the day, wrote, "Prompt closing of the sale is necessary given the estates’ precarious financial position. In addition, there is a risk that the purchaser will walk away if the sale does not close promptly, since the purpose of the sale — establishing a research center to address the COVID-19 pandemic — would be defeated absent a prompt closing." Soon-Shiong heads Culver City-based global health firm NantWorks. Hospital chain owner Verity Health filed for bankruptcy protection in 2018, and earlier this year proposed selling St. Vincent Medical Center to a foundation run by Soon-Shiong and his wife, Michele B. Chan. A separate Soon-Shiong-controlled company is one of the secured creditors in Verity’s bankruptcy proceedings.
