IRON MOUNTAIN, Mich. (WLUC) - Dickinson County Healthcare System and Bellin Health announced Tuesday morning that they have come to an agreement on short-term financing to assist DCHS with its current cash needs.
Reinforcing their commitment to preserve the presence of healthcare in Dickinson County, and the future of DCHS, Bellin Health signed a credit agreement to provide DCHS with the funding needed to assist with short-term cash requirements. At Friday’s Dickinson County Board of Commissioners special session, George Kerwin, CEO of Bellin Health, and John Schon, CEO of DCHS, signed paperwork authorizing Bellin to create an emergency line of credit of up to $8 million. This will allow Bellin to subsidize DCHS, as it needs funds, leading up to the close of the transaction.
In addition, Kerwin and Schon signed two other documents:
• A lease arrangement for the DCHS and Bellin Cardiology services to join forces as a Cardiology Center of Excellence. More details about this initiative will be forthcoming.
• The final agreement signed was to appoint Bellin representative Amy Dettman as the Chief Restructuring Officer to oversee and facilitate the transition of DCHS to Bellin Health.
The Dickinson County Board of Commissioners has a public hearing scheduled for Monday, March 26, 2018 beginning at 7:00pm CST. The hearing will culminate with the County Commissioners voting on the acceptance of the DCHS/Bellin Asset Purchase Agreement.
It is anticipated that the closing date for the acquisition will take place in late June or early July.