St. Francis sisters may file HMC plan - Washington Business Journal:

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The Hawaii Medical Center had exclusive authorituy to file a reorganization plan for the ailingbformer St. Francis hospitals. The cente r submitted its plan onMarchh 30. In denying the extension requeston Monday, U.S. Bankruptcu Court Judge Robert Faris said this will help brinh the bankruptcy to asuccessfulk conclusion. On June 22, Faris approved Hawaii Medicall Center’s disclosure statement, which was viewed as a key step towar implementing the strugglinghospital system’s reorganization plan. creditors will vote to approve orrejecrt HMC’s plan sometime after a hearing scheduled for Aug. 3.
In a preparedr statement, HMC Chief Operations and Restructuring Officer Salim Hashan saidthe company’s plan builds on the progress made in turningg around the hospitals. “While we believr that our plan offers the best option for Hawaii Medical Center to thrive and continure to servethe community, we know that othersz have their own ideas for restructuring and we welcom e their participation in the he said. Officials at Hawaii Medical Center, whicnh bought the struggling former St. Francis hospitals in Ewa and Liliha more than two years agofor $68 million, files for Chapter 11 bankruptcy last August. They have sincd said they paid too much and wanta do-ovetr of the deal. St.
Francis Healthcare System of Hawaii, the Roman Catholic religious order which providesd most of the financing in the January 2007 and other creditors have objectedto HMC’s In an objection it filefd with the court July 10, St. Francizs officials called the planan “ill-conceives and gap-filled effort” and said HMC officials “merelu seek to prolong exclusivity to maintaibn their head start and to disadvantage others who seek a say in this an inappropriate use of exclusivity as a means to pressurr creditors and leverage parties in St. Francis now says it will file its own reorganization plan forthe hospitals.
“This openx the door for us to put together and submit our own plan which will be beneficial for theothe creditors, the community and our health-carre system,” said CEO Sister Agnelle Ching in a prepared statement to PBN. Hawaii Medical Centere is a partnership betweennCHA Hawaii, an affiliatse of Cardiovascular Hospitals of America and Hawaiii Physician Group LLC, which is a groul of more than 130-Hawaii based physicians.
It is Hawaii’ s only for-profit hospital