Cookeville Regional Medical Center’s Board of Trustees voted Wednesday to officially liquidate all assets of Cumberland River Hospital.
Chief Legal Counsel Luke Hill said the vote effectively separates CRMC from the Celina facility.
“The Board voted to inevitably dissolve the corporation at a certain time and give the CEO (Paul Korth) the authority to effectually [execute] the dissolution,” Hill said, “and take action to dispose of the assets that are up there.”
The Board’s resolution states that CRMC lost approximately $7.5 million between 2013 and 2018.
The property in which Cumberland River Hospital sits is owned by the City of Cookeville. Hill said that property will need to be surplussed by Cookeville following the Trustee’s vote.
“[City Council] will have to go through the bidding process for the potential sale of the property,” Hill said. “We made the recommendation that it is no longer needed for our clinical services, and the City Council will then take action to surplus the building and then start the bidding process from there.”
CRMC CEO Paul Korth said after last week’s regularly-scheduled meeting that the organization has not found a buyer for the Celina facility at this time. Korth noted that the facility could be worth approximately $2 million for the various assets.