Knoxville (AP) -- A joint venture between Knoxville's Baptist Health System and private hospital operator Triad Hospitals Incorporated collapsed during negotiations.
The proposed deal was approved by the system's board of trustees in June and would have created the only for-profit health care system in the Knoxville area. It also would have bailed Baptist out of $217 million in debt.
Triad hospitals incorporated, of Plano, Texas, operates 51 hospitals and 12 surgery centers in 16 states.
The deal collapsed because the company could not work out an agreement with doctors on ownership stakes. The company refused to set a closing date for the deal, contingent on coming to terms with the doctors. It had already delayed closing to November 1st.
Copyright 2006 by the Associated Press. All rights reserved.