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A reprieve has been handed to two of the region's hospitals at the centre of a financial crisis.
The Peterborough and Stamford Hospitals Trust has been unable to balance the books since signing a private finance initiative to pay for a new hospital for Peterborough.
It cost £289 million to build and at the moment needs an extra £40 million a year just to keep it running. In the end it could cost one and a half billion pounds.
Now the NHS regulator Monitor has come up with a rescue package aimed at turning things around.
ITV Anglia's Claire McGlasson reporting from outside Peterborough City Hospital
Monitor has secured a formal agreement from Peterborough and Stamford Hospitals NHS Foundation Trust to implement a recovery plan aimed at closing an annual £40 million financial gap and securing vital services for patients.
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Health watchdog Monitor has agreed a plan with Peterborough and Stamford Hospitals to to reduce debts and secure patient services.