NEW YORK CITY-Montefiore Medical Center‘s bid for the bankrupt Westchester Square Medical Center in the Bronx was approved late last week by the U.S. Bankruptcy Court.

Montefiore’s final bid of $15.3 million was approved by the Bankruptcy Court for the Southern District of New York, according to Crain’s New York Business. Westchester Square Medical Center, a 144-bed neighborhood hospital that was founded in 1929, has been in bankruptcy for nearly seven years.

The hospital will be shut down in March and renamed Montefiore Westchester Square. Montefiore’s plan is to have a full-service emergency department, an ambulatory surgery center and, over time, comprehensive primary and specialty care services at the facility.

“Montefiore has a longstanding commitment to its community. We want to provide vital healthcare services that are forward-thinking, coordinated and patient-centered, and in so doing, safeguard jobs and support local businesses,” said Steven M. Safyer, M.D., president and CEO of Montefiore said in a statement. “Our model is based on the belief that comprehensive and well-managed care improves patients’ overall well-being.”

The transaction, which is subject to regulatory approval, is supported by $20 million in funding available under the state’s Health Efficiency and Affordability Law. See story in Crain’s New York Business.