Norwalk Hospital Parent Faces Bankruptcy Without Buyout Okay: Report

NORWALK, CT — Nuvance Health, parent company of Norwalk and Danbury hospitals, says it needs approval from Connecticut officials for a buyout by another hospital firm, or it faces the prospect of bankruptcy, The Hour reported.

New York-based Northwell Health, the largest health care system in that state, is looking to buy Nuvance Health to form a $20 billion health care network of nearly 30 hospitals throughout the region.

The firms need the approval of the state Office of Health Strategy for the massive merger, which would create a health care company of nearly 100,000 employees.

Nuvance says it is hemorrhaging hundreds of millions of dollars, and needs the buyout to survive. In the past two fiscal years, the company said it lost a total of $220 million, and could lose another $150 million in the current fiscal year.

A public hearing on the proposed deal is set for Nov. 6.

Read The Hour story.