Michigan attorney general OKs DMC-Vanguard deal

DETROIT (AP) -- Michigan Attorney General Mike Cox has conditionally approved the proposed sale of the nonprofit Detroit Medical Center to for-profit Vanguard Health Systems Inc.

Cox said in a release Saturday the sale to Nashville, Tenn.-based Vanguard will put the Detroit hospital system on better financial and operational footing.

Cox has called for some additional requirements, including keeping "Legacy DMC" active as a nonprofit to monitor Vanguard's performance. He says Vanguard also must keep DMC's and Vanguard's own charity care policies for a decade.

The two sides hope to close the deal by year's end. The sale required Cox's approval.

Terms of the sale include Vanguard making $850 million in capital improvements during the next five years.

Published: Tue, Nov 16, 2010

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