LOUISVILLE, Ky. -- The University of Louisville has reached a deal to keep struggling Jewish Hospital open.
The deal approved by the U of L Board of Trustees was cemented by a $50 million loan from the state that will prevent what U of L President Neeli Bendapudi called the imminent closure of the hospital.
The university will acquire Kentucky One's assets from parent company CommonSpirit Health who will forgive nearly $20 million in debt owed by U of L.
The deal saves some 5,000 jobs at the Kentucky One facilities in and around Louisville.
Bendapudi says talks to buy the hospital, which were broken off earlier in the summer, were revived after she met with Governor Bevin on August 1.
The deal is expected to close on November 1. All the facilities will be re-branded under the U of L Health logo.