UConn Health Files $13 Million Bid for Waterbury Hospital as Special Session Takes Up $390 Million Financing

Overview

• UConn Health submitted a $13 million offer to acquire Waterbury Hospital from Prospect Medical, positioning the public system to take over operations of the struggling facility.
• The proposal under consideration would increase UConn’s borrowing capacity by $390 million over five years to support facility investments tied to the transaction.
• UConn Health is the stalking-horse bidder, with competing offers due Nov. 14, an auction set for Nov. 17, and a sale hearing scheduled for Nov. 18, according to Newsweek’s reporting.
• The bid includes $13 million in cash and $22 million in assumed liabilities, and state media report the total investment could reach $420 million to $500 million through bond issues.
• Prospect sought Chapter 11 protection in January after years of strain, and Hartford HealthCare already secured its Manchester and Rockville hospitals, leaving Waterbury as Prospect’s last Connecticut site.