Massachusetts Attorney General Martha Coakley has asked a bankruptcy judge to review the proposed $38 million sale of Quincy Medical Center Inc. to Steward Health Care System LLC.
In a motion filed July 5 with the U.S. Bankruptcy Court for the District of Massachusetts in Worcester, Coakley asked Judge Melvin Hoffman to grant her office time to scrutinize the sale.
Steward and Quincy Medical want to complete the deal by October. Either side can terminate the agreement if the Chapter 11 bankruptcy reorganization and state approvals are not in place by December.
“The requirements of the review process should not be controlled or compromised by the timeframes and deadlines proposed in the sale procedures motion,” Coakley wrote.
Quincy Medical, a Quincy-based nonprofit, filed for bankruptcy as a prelude to its sale to Boston’s Steward. It wants to restructure $56 million of debt in Series A revenue bonds, issued in 2008 through the Massachusetts Health and Educational Facilities Authority. Quincy Medical missed a $380,000 bond payment due May 31.