A muddier picture for Allegheny
Article Abstract:
Vanguard Health Systems Inc. of Nashville, TN, is the only official bidder for all eight bankrupt Allegheny hospitals in Pennsylvania that will be auctioned by a US Bankruptcy judge. However, officials of the company have been talking with Allegheny officials and its creditors to restructure a $460-million bid made in July 1998 to account for the declining value of the eight hospitals. Potential bidders are saddled with the difficulty of seeing the hospitals' value drop, with revenues plunging between 20% and 25% in July 1998 from their level in May 1998, according to sources.
Comment:
Only official bidder for all eight bankrupt Allegheny hospitals in Pennsylvania that will be auctioned by US Bankruptcy judge
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Allegheny bids due, and confusion reigns
Article Abstract:
Bids in Allegheny health system's eight hospitals are due in September 25, 1998. Among the potential buyers of the hospitals are Vanguard Health Systems Inc., MBIA Insurance Corp. and Children's Hospital of Philadelphia. Although Tenet Healthcare Corp. had originally proposed to acquire the hospitals for $465 million, its representatives said that the company is no longer joining the bid. Despite the bids, lawyers familiar with the situation said that all bids may be brought in US Bankruptcy Court in Pittsburgh, PA.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
User Contributions:
Comment about this article or add new information about this topic: