Catholic Health East to buy 5 area hospitals
Article Abstract:
Catholic Health East recently announced that it will acquire five area hospitals from Catholic Health Initiatives of Denver,
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2001
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Hospitals get a 2d for-profit firm's bid
Article Abstract:
Tenet Healthcare Corp., a California-based hospital company, has sent a letter of intent to acquire nine of Allegheny's Philadelphia, PA-area hospitals. Tenet became the second for-profit hospital firm to bid for Allegheny's bankrupt hospitals. However, it is not known if Tenet's offer exceeds the $502-million offer Vanguard Health Systems of Nashville, TN, made. Allegheny's Philadelphia operations filed for bankruptcy on July 21, 1998, citing debts of $1.3 billion. Tenet is the second-largest for-profit hospital chain in the US, next to Columbia/HCA Healthcare Corp. Tenet operates 123 hospitals in 18 states, and posted $540 million in profit in fiscal 1998.
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Sends a letter of intent to acquire nine of Allegheny's Philadelphia, PA-area hospitals for an undisclosed terms
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Much left to resolve regarding Allegeny; the sale of eight hospitals to Tenet Healthcare starts a new chapter for creditors
Article Abstract:
Tenet Healthcare Corp. (Santa Barbara, CA) paid $345m to buy eight hospitals in the Allegheny area. Creditors are expected to receive about seven cents on the dollar. The complex deal involves payments by creditors to institutions that kept the hospitals running during bankruptcy. Drexel University is expected to be paid $50m. An $100m outstanding loan must also be repaid to Madeleine LLC. $40m in malpractice insurance must also be paid. As part of the deal, Mount Sinai was sold to New Tower Associates for $3.6m. Creditors are exploring possible malfeasance by the former board of the hospitals. The hospital had an insurance policy of $200m for just such claims. Some doctors have already left the hospitals, or are expected to leave.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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