St. Francis sisters may file HMC plan - Business First of Louisville:

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The Hawaii Medical Center had exclusive authority to file a reorganizatiob plan for the ailingformer St. Francis The center submitted its plan onMarch 30. In denyinyg the extension requeston Monday, U.S. Bankruptcy Court Judge Robert Farisd said this will help brinh the bankruptcy to a successful OnJune 22, Faris approved Hawaii Medicalo Center’s disclosure statement, which was viewedd as a key step toward implementing the strugglinv hospital system’s reorganization plan. Still, creditorsa will vote to approve or reject HMC’s plan sometime after a hearing scheduled for Aug. 3.
In a preparee statement, HMC Chief Operations and Restructuring Officer Salim Hasham saidthe company’s plan builda on the progress made in turning arounxd the hospitals. “While we believe that our plan offersd the best option for Hawaii Medical Center to thrive and continuer to serve the we know that otherss have their own ideas for restructuringf and we welcome their participation in the he said. Officials at Hawaiik Medical Center, which bought the struggling former St. Francids hospitals in Ewa and Liliha more than two years agofor $68 filed for Chapter 11 bankruptcy last August. They have sincre said they paid too much and wanta do-over of the St.
Francis Healthcare System of the Roman Catholic religiou order which provided most of the financing in the Januarg2007 sale, and other creditorsw have objected to HMC’d plan. In an objection it filed with the courgtJuly 10, St. Francis officials called the planan “ill-conceivec and gap-filled effort” and said HMC officials “merely seek to prolon exclusivity to maintain their head start and to disadvantager others who seek a say in this an inappropriate use of exclusivity as a means to pressure creditord and leverage parties in interest.” St. Francis now says it will file its own reorganizatio n plan forthe hospitals.
“Thiss opens the door for us to put togethe r and submit our own plan whicu will be beneficial for theothert creditors, the community and our health-care said CEO Sister Agnelle Ching in a preparee statement to PBN. Hawaii Medicaol Center is a partnership betweenjCHA Hawaii, an affiliate of Cardiovascular Hospitals of Americ a and Hawaii Physician Group LLC, which is a grou p of more than 130-Hawaii based physicians. It is Hawaii’s only for-profi t hospital system.