28/06/2008 18:03. The Pontiac City Council Thursday night approved a resolution to sell for $2 million the property it owns at North Oakland Medical Center and the nearby Waterford Ambulatory Care Center , paving the way for a physician-led group to purchase the financially troubled hospital.

Mayor Clarence Phillips was authorized to complete a purchase agreement with Oakland Physicians Medical Center LLC , the group headed up by Dr. Anil Kumar, a urologist in Rochester Hills.

The city also will receive 5 percent of the hospital profits, Kumar said.

Oakland Physicians, a consortium of about 150 physicians on staff or affiliated with the hospital, is expected to acquire a 60 percent ownership stake in for-profit Oakland Physicians after the hospital officially files for Chapter 7 bankruptcy, Kumar... // Crain's Detroit Business

Total: 3 news articles
First News Article: Crain's Detroit Business, 28/06/2008 06:23