A plan to keep Long Island College Hospital open by speeding up the search for a new owner has been approved by the court.

The State University of New York on Tuesday announced a settlement agreement had been approved in Brooklyn Supreme Court by Justices Carolyn Demarest (See Profile) and Johnny Lee Baynes (See Profile). Both judges have presided over litigation related to the hospital’s closing.

The agreement was announced by Gov. Andrew Cuomo last Thursday. It calls for an expedited bidding process to find a new operator. The process will favor bidders who can operate a full-service hospital with at least 100 in-patient beds.

SUNY, LICH, the state attorney general and various community groups signed a hand-written addition to the stipulation saying that Demarest will administer the hospital’s $140 million endowment—an outcome favored by LICH’s supporters.

The agreement will allow SUNY to cease operating Long Island College Hospital by May. Cuomo said the hospital has been losing an “unsustainable” $13 million a month.

Mayor Bill de Blasio said last week that proposals for the future of the hospital must ensure that the health care needs of the community are met.