COLDWATER, MI — A sale is pending for ProMedica Coldwater Regional Hospital.

Hospital officials say they have entered into an asset purchase agreement with the buyer.

In a news release, ProMedica said financial challenges that have worsened since the start of the COVID-19 pandemic are at the root of their decision to sell the hospital.

Because the hospital’s parent company American Healthcare LLC of Glendale, CA is a for-profit entity, the sale requires state approval. The sale transaction will likely be complete in four to six months.

During the transaction phase, ProMedica says they will continue to fully support the hospital.