Philadelphia Orphans' Court Judge John W. Herron said at hearing Tuesday that he would sign a consent order allowing the Temple University Health System to complete its previously announced purchase of the nonprofit Fox Chase Cancer Center.
The judge's responsibility was to ensure that none of Fox Chase's $40.9 million in restricted charitable assets would be diverted in the deal, which is expected to close July 1.
The next step for Temple is the sale of $318.2 million in bonds, of which $83.88 million will be paid to Fox Chase's bank lenders to settle all outstanding financial obligations of Fox Chase.
