WATERBURY, Conn. (WFSB) - UConn Health has formally submitted a bid to purchase Waterbury Hospital from bankrupt Prospect Medical Holdings, with Governor Ned Lamont expected to announce an agreement on Tuesday morning.

The deal involves $13 million in cash and $22 million in assumed debts, according to CT Insider reports.

The total cost of the hospital is expected to reach at least $420 million to nearly $500 million, to be paid off over five years through bond issues.

Governor Lamont plans to add the bond funding to the agenda for an upcoming special legislative session.

Prospect Medical Holdings filed for bankruptcy in January, sparking heated debates about the future of Waterbury Hospital.

CT Insider found the hospital has experienced a 40% decline in patient volume in recent years

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