CRMC Still Looking for Cumberland River Hospital Buyers

Cookeville Regional Medical Center has yet to solidify a buyer for Cumberland River Hospital.

CEO Paul Korth said the hospital has received several offers for the Celina facility but nothing has come to fruition.

“As of right now, there’s still nobody that is able to come up with the money to close on the transaction and give the cash that’s going to be required to purchase the hospital,” Korth said. “As of right now, we still don’t have a buyer.”

Korth said the hospital has a general idea as to how much they want for the facility but hasn’t set a base price.

“You have to take into consideration how much is networking capital, how much is accounts receivable, because you’re going to sell those,” Korth said. “You have to look at what value those are. Basically, somewhere around the $2 million amount is what we’ve been looking at for a sale price of this transaction.”

CRMC announced the closure of Cumberland River Hospital in January. Korth said the facility will officially close Friday at 7 a.m.