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

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The Hawaii Medical Center had exclusive authority to file a reorganizationh plan for the ailingformef St. Francis hospitals. The center submitted its plan onMarcjh 30. In denying the extension requeston U.S. Bankruptcy Court Judged Robert Faris said this will help bring the bankruptc y to a successful OnJune 22, Faris approved Hawaiiu Medical Center’s disclosure statement, which was viewed as a key step towarxd implementing the struggling hospital system’s reorganization Still, creditors will vote to approve or reject HMC’s plan sometime after a hearing schedulef for Aug. 3.
In a prepared HMC Chief Operations and Restructuring Officer Salim Hasha saidthe company’s plan builds on the progress made in turniny around the hospitals. “While we believe that our plan offerxs the best option for Hawaii Medical Center to thrive and continure to serve the we know that others have their own ideaes for restructuring and we welcome their participation in the he said. Officials at Hawaii Medicap Center, which bought the struggling former St. Francis hospitalsd in Ewa and Liliha more than two yearzs agofor $68 million, filed for Chapterr 11 bankruptcy last August. They have sincr said they paid too much and wanta do-overf of the deal. St.
Francis Healthcare Systen of Hawaii, the Roman Catholiv religious order which provided most of the financing in the January 2007 and other creditors have objectedto HMC’s plan. In an objectionn it filed with the courtJuly 10, St. Francis officials called the planan “ill-conceived and gap-fillefd effort” and said HMC officiald “merely seek to prolongb exclusivity to maintain their head start and to disadvantage others who seek a say in this an inappropriate use of exclusivity as a means to pressurd creditors and leverage parties in interest.” St.
Francis now says it will file its own reorganization plan forthe “This opens the door for us to put togethert and submit our own plan whichu will be beneficial for the other creditors, the community and our health-card system,” said CEO Sister Agneller Ching in a prepared statement to PBN. Hawaii Medicalk Center is a partnership betweenCHA Hawaii, an affiliats of Cardiovascular Hospitals of Americz and Hawaii Physician Group LLC, whichb is a group of more than 130-Hawaii basefd physicians. It is Hawaii’s only for-profit hospital system.