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com - watch list, 3/29 - 4/4/09 Avigen To Liquidate Avigen Inc., a biopharmaceutical company based in Alameda, CA, has discontinued strategic merger discussions and intends to develop a plan of liquidation. As such, the company has let go the majority of its employees including its CEO and president, and its chief business officer and general counsel. Taking over the liquidation is Andrew Sauter, the company's CFO, who now is acting CEO and president. Avigen leases its 67,000-square-foot laboratory and office space at 1301 Harbor Bay Parkway in Alameda under a 10-year lease that is scheduled to expire in November 2010. It has sublease agreements covering 31,100 square feet, or 46%, of the building to three separate corporate tenants not affiliated with Avigen. Each sublease agreement runs concurrent with the duration of the underlying master lease term. Local Closures & Layoffs Company Address Northfield Laboratories Inc 1200 N Business Center Drive, Suite 200 City Mt. Prospect State IL Closure or Layoff layoff Number Affected 13 Impact Date immediately
www.costar.com - watch list, 3/22 - 3/28/09 National Layoffs & Closures Cortex Pharmaceuticals Inc. in Irvine, CA, is cutting its personnel by approximately 50%. The workforce reduction is in addition to other capital preserving initiatives, including the reduction of salaries of its executive officers. Local Layoffs & Closures Company Address Biomet Sport Medicine California Institute of Technology Community Hospital of Los Gatos Elan Pharmaceuti cals Inc. La Jolla Pharmaceuti cal Petaluma Valley Hospital Santa Rosa Memorial Hospital Sharp Cabrillo Skilled Nursing Center Valeant Pharmaceuti 4861 E. Airport Drive 1200 E. California Blvd. 815 Pollard Road 800 Gateway Blvd. 6455 Nancy Ridge Drive 400 N. Mcdowell Blvd. 1165 Montgomery Drive 3475 Kenyon St. City Ontario Pasadena Los Gatos South San Francisco San Diego Petaluma Santa Rosa San Diego State CA CA CA CA CA CA CA CA Closure or Layoff closure layoff closure layoff closure layoff layoff closure # Affected 12 103 500 109 94 44 152 168 Impact Date 4/3/09 4/2/09 4/10/09 4/27/09 4/20/09 4/8/09 4/8/09 4/3/09
cals International Drug Fair Files Bankruptcy, Walgreens to Keep Most Stores Open By: Sasha M Pardy Drug Fair Group, a New Jersey drug store operator, filed Chapter 11 and agreed to sell substantially all of the assets associated with 32 of its stores to Walgreens for an undisclosed amount. Drug Fair intends to continue operating as normal throughout the bankruptcy process and until its sale to Walgreens is complete. To do this, Drug Fair secured a four-month, $40 million, debtor-in-possession facility. Prior to filing bankruptcy, Drug Fair sold some assets related to 13 of its stores to third parties, including Walgreens; which specifically purchased prescription files from 11 Drug Fair stores. Walgreens said it plans to keep most, but not all of the acquired Drug Fair stores open. As of Jan. 31, 2009, Walgreens drug store fleet was comprised of 6,659 stores, including 112 stores in New Jersey. According to CoStar Tenant, the typical Drug Fair store is 15,000 square feet. Drug Fair leases a 200,723-square-foot building that serves as its headquarters on Cottontail Lane in Franklin Township, NJ. www.costar.com watch list - Mar. 15-21 Life Sciences Files Ch. 11 To Block Eviction Life Sciences Inc. this week filed a voluntary petition for relief under Chapter 11 in Tampa, FL. The filing effectively blocks Simon and Louis D. Srybnik's attempt to evict Life Sciences from its manufacturing, laboratory and office facilities at 2900 72nd St. North in St. Petersburg, FL, because of 9.5 years of allegedly due back rent. Making matters more intriguing is that the Srybniks are the direct and indirect beneficial owners of more than 60% of the common stock of Life Sciences. Simon Srybnik had been chairman and CEO until he resigned last November. Additional Lease Cancellations Separately and outside of bankruptcy court reorganizations, Acusphere Inc., a specialty pharmaceutical company, agreed to terminate the lease of its current headquarters at 500 Arsenal St. in Watertown, MA, and relocate to its facility in Tewksbury, MA. Acusphere will make a one-time payment of $800,000 and forfeit its security deposit of $997,500. It will also pay its final monthly rent for March 2009 and operating expenses of approximately $65,000 per month from April 2009 through July 1, 2009, unless the lease is terminated earlier by the landlord. Northstar Neuroscience Inc. entered into a lease termination agreement with its landlord at its corporate headquarters at 2401 Fourth Ave., Suite 300, in Seattle, WA. The agreement releases the company from future lease payments totaling approximately $4.2 million through 2012. Northstar will pay the landlord $2.4 million, surrender its $100,000 previously paid security deposit, and assign an existing sublease and related sublease deposit to the landlord. Panacos Pharmaceuticals Inc. entered into a lease termination with Saul Holdings LP effective as of March 31 for 14,902 square feet of space in Avenel Business Park, Phase II at 209 Perry Parkway in Gaithersburg, MD. Panacos agreed to pay to Saul $268,593. Closures & Layoffs National Cell Genesys Inc. based in South San Francisco has ended further development of GVAX immunotherapy for prostate cancer. The action has resulted in the reduction of the company's 290 person staff by approximately 90%. The company anticipates further reductions in the first half of 2009 as additional activities are phased out. Local Company Address City State Closure or Layoff suspension # Affected Impact Date
Wadley Health System Loan Maturities
100 Pine St.
Current Ending Scheduled Balance $8,891,797 $7,566,111 $6,124,766
Rosewood Care Center Moline Rosewood Care Center Peoria Kaiser Foundation Health Plan Building Dorsey Hall Medical Center
7300 34th Ave., Moline, IL 1500 W. Northmoor Road, Peoria, IL 1033 Third St., San Rafael, CA 9501 Old Annapolis Road, Ellicott City, MD
Health Care Health Care Office
11/1/2009 11/1/2009 6/1/2009
8.89% 8.89% 7.20%
www.costar.com - watch list Mar. 1-7 Closures & Layoffs Nationwide Trubion Pharmaceuticals Inc. in Seattle, WA, plans to cuts its workforce by 25%, or 25 employees and is undertaking a corporate restructuring. Local Company Address City State Closure or Layoff unknown # Affected Impact Date
Source Healthcare Analytics, Inc.
2394 E. Camelback Road
www.costar.com - watch list Feb 22-28 Closures & Layoffs Local Company Adress City Hospira Inc. Celera Group Biotage 1401 Sheridan Road 45 W. Gude Drive 1725 Discovery Drive Chicago Rockville Charlottsville
State IL MD VA
Closure or Layoff closure closure closure
# Affected unknown unknown 65
Impact Date 11/14/2009 9/30/2009 5/15/2009
Gyrodyne Company of America Inc. agreed to purchase Fairfax Medical Center, a 59,108-square-foot medical office property at 10721 Main Street in Fairfax, VA, for approximately $13.2 million. Gyrodyne anticipates completing due diligence and closing on the purchase by no later than April 30. Fairfax Medical Center serves as home to 28 medical tenants. The property includes two four-story brick-clad buildings on approximately 3.5 acres – directly across the street from a surgical center owned by Hospital Corporation of America. Upon closing, Gyrodyne anticipates it will launch an aggressive leasing program. Fairfax Medical Center LLC had halted lease renewals there to accommodate a condominium conversion – prior to the market’s slowdown. As such, Fairfax Medical Center’s current occupancy rate is 84%. http://www.costar.com/news/Article.aspx?id=1CA1DBC3724855B2422C5CEC82A1C2A7 (edited)
Medical Office Buildings: Vital Signs Fairly Stable in Sickly Market Deal Volume Has Dropped But Long-Term Demographics Continue to Favor Medical Office Investors By Randyl Drummer April 1, 2009 One of the major marketing claims developers made to investors regarding medical office buildings (MOB) is that they are "recession-proof" -- immune from the wild swings of market cycles that plague other property types due to their limited supply, the steady growth seen in health-care employment, and the oncoming wave of aging baby boomers sure to need medical care for the next few decades. A review of CoStar COMPS data shows that since late last year, most transactions have involved smaller assets sold by individual owners. However, a few portfolio deals have closed, including the sale by Carolinas Healthcare System of 15 medical office buildings in the Charlotte area totaling about 750,000 square feet to Nashville-based Healthcare Realty Trust Inc. (NYSE: HR) for $162 million in a deal that closed at the end of the fourth quarter. "The lack of available credit and ongoing financial turbulence will likely limit the number of MOB transactions in the near future," noted Healthcare Realty Trust Chief Operating Officer Doug Whitman. "We have begun to see cap rates increase somewhat, although the decline in deal volume will hamper any transparency in rate. We are certainly seeing an increased number of attractive acquisition opportunities, diversified in geography, deal size, and type of seller, but the frenzied competition to complete transactions has vanished." Physicians: Higher Costs, Fewer Patients Neil Sorkin, senior commercial advisor with Prudential CRES/IPG in Las Vegas and a medical office specialist for nearly 20 years, said as in previous downturns, most physicians are holding their own against economic headwinds. But unlike previous cycles, many doctors in Nevada, Arizona and California report that their daily patient counts are down anywhere from 15% to 25%. Healthcare Realty Trust CEO David Emery remains bullish on the sector based on four decades of economic data. "Despite a difficult economy, outpatient medical office continues to be resilient," Emery said. "Since 1972, through six recessions, physician office employment has grown annually by approximately 4.8%, compared with the national private employment growth rate of only 1.8%. "We view healthcare employment as the best indicator of demand for facility utilization, and our managing of our expectations of lease rates and the time necessary to lease up new buildings." Raising Funds for Future Acquisitions Grubb & Ellis Realty Investors LLC, sponsor of Grubb & Ellis Healthcare REIT, Inc., offers another barometer of the niche sector’s overall health. The Santa Ana, CA-based company demonstrated its confidence in the MOB market last month by announcing its plans to launch a second non-publicly traded REIT, Grubb & Ellis Healthcare REIT II Inc. Grubb & Ellis, which filed a registration statement for the new REIT with the SEC on March 9, hopes to raise more than $3 billion to invest in single- and multi-tenant healthcare and MOB properties. Although its acquisition activity has slowed in the first quarter overall, Grubb & Ellis Healthcare REIT, Inc. on March 5 announced the $34 million acquisition of a Wisconsin medical office buildings portfolio of four fully leased buildings in the greater Milwaukee area, from Aurora Health Care in a sale-leaseback transaction. The portfolio includes 185,000 square feet encompassing buildings in Menomonee Falls, Milwaukee, Richfield and Mequon. Early in the first quarter, Grubb & Ellis Healthcare also announced the acquisition of the two-property Mountain Plains MOB portfolio in San Antonio, TX, and the Houston suburb of Webster for $43 million; and the acquisition of Marietta Health Park, a four-story, 81,000-square-foot MOB located adjacent to WellStar Kennestone Hospital in Marietta, GA, for a reported $17.3 million. Both deals closed in December. Following is a list of other large medical office transactions that have closed or under contract so far this year compiled from CoStar COMPS and other sources:
* Chicago-based Lillibridge, one of the nation’s largest private healthcare real estate firms, announced last month it completed the $31 million purchase of a 13-building, 255,000-square-foot MOB portfolio from Decatur (IL) Memorial Hospital. Five of the buildings are fully occupied by the hospital and one is leased to the Southern Illinois Family Practice residency program. Overall the facilities are 95% occupied. Decatur Memorial Hospital wanted to free up capital through the sale of the multitenant buildings to invest in their core healthcare business, leading to Lillibridge’s opportunity to acquire the portfolio "despite the particularly difficult capital market," said Chairman and Chief Executive Officer Todd W. Lillibridge. The new owner will manage the 13 buildings and offer ownership options to physician-tenants. * On Jan. 20, MOB Realty Trust sold a 50,000-square-foot medical office building to Senior Housing Properties Trust for $19.3 million, or $386.00 per square foot. The deal was one of a series of transactions that started in July 2008 and are scheduled to finish in May 2010, involving the acquisition of 48 medical offices, clinics and biotech laboratory buildings by Senior Housing Properties for $565 million. The transaction includes a total of 2.18 million square feet of properties in 12 states. The portfolio is stabilized, with current average occupancy of 98.3% and 370 tenants with an average remaining lease term of 6.7 years. The cap rate on the deal is about 7.9%. * Aurora Health Care Inc. acquired the medical office building at 3111 W. Rawson Ave. in Franklin, WI, from Medical Specialists LLC for $16.98 million, or about $237 per square foot. The two-story, 71,532square-foot facility was built in 2002 in the Milwaukee Southeast submarket. Both parties were represented in-house. * New York-based Concourse Realty Associates bought Stoneterra Medical Plaza, a 57,211-SF medical building in San Antonio constructed in 2006, from San Antonio Orthopaedic Group LLP in a deal valued at $13.7 million. The property was fully occupied at the time of the sale with no major lease rollovers until 2017. All tenants are on triple-net leases with options to renew. Alex Zylberglait and Ryan Shaw of Marcus & Millichap represented both sides in the transaction. * Gyrodyne Company of America Inc. agreed to purchase Fairfax Medical Center, a 59,108-square-foot medical office property with 28 tenants at 10721 Main St. in Fairfax, VA, for about $13.2 million. Gyrodyne expects to complete due diligence and close on the deal by April 30 for the property adjacent to a surgical center owned by Hospital Corp. of America. * Noyack Medical Partners LLC acquired a medical office condo at 220 E. 65th St. in New York for $13.25 million, or $662 per square foot, from Ivy League Medical Realty Corp. The 20,000-square-foot condo is Concorde Apartment building in the Plaza District Submarket. ARKANSAS Little Rock - St Vincent Infirmary could lay off up to 200 workers over next 2 months, reduces hours and programs http://arkansasnews.com/2009/03/24/layoffs-looming-at-st-vincent-infirmary/ LITTLE ROCK — Citing the national recession, the chief executive of Little Rock’s St. Vincent Infirmary Medical Center says the hospital could layoff up to 200 workers over the next two months. St. Vincent CEO Peter Banko said in a letter to hospital executives and staff the cuts in both vacant and filed positions would occur between April and June 1. The layoffs will follow short-term moves the hospital has made in recent weeks to ease its financial problems, including reducing hourly workers to 36 hours a week and having salaried staff to take three days off during March. He said the job reductions were one aspect of St. Vincent’s efforts to cut expenses. After a strategic review, he added, officials have decided to close the hospital’s geriatric psychiatric unit, Medicare-exempt psychiatric program and surgical ophthalmology program by April 1. CALIFORNIA Redding - SRMC bankruptcy a complicated 'mess' http://www.redding.com/news/2009/mar/13/srmc-bankruptcy-complicated-mess/ Friday, March 13, 2009
Lawyers representing the city of Redding and Shasta County sat this week beside union representatives and a radio station owner in bankruptcy court. All hoped to get back some of the debts owed to them by the former managers of Shasta Regional Medical Center — and, possibly, the firm that took over the company in November. John Reger, the trustee appointed by a federal bankruptcy judge to divvy up the hospital's old assets, warned creditors at the meeting Wednesday, which took place in the U.S. Eastern District Bankruptcy Court in Redding, that they were facing a lengthy ordeal. He cautioned that the case was an extremely complicated "mess" and it could take years to resolve. An accounting of the management company's assets hasn't yet been tallied, but Dr. David Johnson, the hospital's former board chairman, said it should be completed by late next week. Thursday's meeting was the first formal court proceeding in the hospital's bankruptcy case. A group of twodozen doctors petitioned a federal bankruptcy judge to place the hospital's former management company, Shasta Regional Medical Center, LLC into involuntary Chapter 7 bankruptcy, saying they were owed $1 million by SRMC. The goal, their attorney has said, was to see if the courts might force the new operator of the hospital, Prime Healthcare Services, to open up its books. The doctors allege that Prime may be responsible for at least some of the hospital's debt incurred by the former operators. Prime denies it has any reasonability for decisions made under the hospital's former owner, Hospital Partners of America, which filed for bankruptcy in the fall. Last month, a federal judge granted the doctors' request. Other organizations hadn't been notified. They included: • The city of Redding, which is owed $300,000 in unpaid utility bills from SRMC. • Shasta County, which is owed less than $8,000 arising from contracts the hospital had with public health, the opportunity center and the district attorney's office for sexual assault testing, said Jim Ross, deputy county counsel. • Redding radio station owner Mike Quinn, who is seeking $2,000 in unpaid advertising airtime. • Representatives of the National Labor Relations Board and the United Public Employees of California, who were there to gather information and to make sure employee-paid funds weren't doled out to creditors, UPEC representative Dave Ritchie said. CONNECTICUT New Milford - 15 layoffs, hiring freeze, job consolidation http://www.zwire.com/site/news.cfm?newsid=20275125&BRD=1655&PAG=461&dept_id=13091&rfi=6 03/06/2009 New Milford Hospital has laid off several employees and undertaken other cost-saving measures to remain financially viable as it delivers on its commitment to quality patient care. "No one who was providing full-time clinical care has been cut," Dr. Joseph Frolkis, MD, Ph.D., said in an interview Wednesday. The hospital announced last month that it is operating on a planned $1.5 million deficit for the 2009 fiscal year, a deficit it had addressed for fiscal 2008 as well. The staffing changes are among the "steps we have taken to right the ship so we can come in on budget" by the end of the 2009 fiscal year, ending Sept. 30, said Dr. Frolkis. He said that the projected savings that would be realized from the cost-reduction measures were "not for public disclosure" but shared that the personnel changes represent "about one-third" of that amount. The hospital has "about 700 employees," and about "7 percent" of its workforce has been impacted by the changes, which include a hiring freeze and job consolidation as well as layoffs (the latter a 2 percent reduction in personnel), which became effective last week. Dr. Frolkis noted that there were 15 full-time layoffs, 14 directly attached to the Elm Street facility and one at an affiliated location. Although they were "across the hospital, they did not include medical doctors or any nurses involved in clinical care, he said. The nurses are the only union-represented group at the hospital. "There are a number of new positions that were approved for launch this year" that will not be filled, said Linda Wiseman, the hospital's spokeswoman, in an interview Tuesday. Dr. Frolkis said that the hospital has not cut salaries or introduced furloughs. "Pay raises were honored," he added.
CONNECTICUT Manchester - ECHN Cancels Purchase Of Johnson Memorial Hospital, plans to lay off 50 http://www.courant.com/business/hc-echn307.artmar07,0,4139073.story March 7, 2009 Eastern Connecticut Health Network on Friday abruptly canceled a deal to acquire Johnson Memorial Hospital and related properties, saying new information had hurt its confidence that the merger plan would work. The Manchester-based hospital group said "recent reports" of falling patient volume and revenue at Johnson, greater-than-expected capital costs and difficulty getting financial data from Johnson were factors in the decision. ECHN runs Manchester Memorial Hospital, Rockville General Hospital, a nursing home and other health care centers. Johnson's parent, Johnson Memorial Corp., owns the hospital in Stafford Springs, Evergreen Health Care Center nursing home, a visiting nurse agency and other properties. Johnson Memorial has been operating in bankruptcy since last November. Its parent company has laid off about 130 workers in the last year. Betts said Johnson Memorial will emerge from bankruptcy in better shape and able to survive on its own — despite saying last year the hospital couldn't survive "long-term" without the merger. The hospital's patient count fell sharply after the bankruptcy filing but has been rising in 2009, he said. EHCN's own financial strains didn't factor into the decision to end the deal, McConville said. Last week, ECHN, which is operating at a loss nearly halfway into its fiscal year, said it plans to lay off 50 workers. McConville said hospitals often run at a deficit in the first half of the year and make it up in the second half. DELAWARE Layoffs imminent as Nemours cuts costs by 10 percent, no positions identified for elimination http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20090321/business/903210310 By HIRAN RATNAYAKE • The News Journal • March 21, 2009 Alfred I. duPont Hospital for Children officials said Friday the facility will be cutting its staffing costs by 10 percent as a way to deal with the "challenging economic reality." Hospital spokesman Jim Lardear said layoffs most likely will be part of the health system's strategy to cut salary and benefit costs, but no positions have been identified for elimination. The hospital held four "town hall" meetings Friday to alert staff to the cuts. All hospital positions are being evaluated for elimination except for doctor positions. Severance packages are being developed and outplacement workshops are being set up, Lardear said. Some departments and divisions across the Nemours enterprise, which also has nine pediatrics practices and two clinics in Delaware, may experience more than a 10 percent decrease in staffing costs. Others may experience a decrease of less than 10 percent. Nemours has 3,200 employees in the Delaware Valley. Nemours officials have not set a date for when the cuts will occur, though it will likely take place in the next three months, Lardear said. The hospital will still move forward with its roughly $200 million renovation that will provide single rooms for about 200 patients. But that renovation may no longer be complete by its scheduled opening date of 2012. Nemours in December announced it had imposed a hiring freeze on nonessential medical-care positions through the end of March, trimmed planned pay raises for 2009 from 3.5 percent to 1.5 percent, and clamped down on capital spending. Layoffs were not considered at that time. The need to reduce the work force largely was due to the drop in value in the Alfred I. duPont Testamentary Trust, which went from $4.5 billion to $3 billion because of the investment market swoon. Other hospitals are also looking for ways to cut costs because of the downturn. Christiana Care does not plan to lay off employees, but it is facing the same financial challenges that all hospitals are dealing with, spokesman Spiros Mantzavinos said. Beebe Medical Center in Lewes has "curtailed the timing" of some of its capital spending plans, spokesman Wally Hudson said.
GEORGIA Phenix City - Hughston Memorial cuts 70-80, reduces services http://www.ledger-enquirer.com/102/story/662939.html Posted on Thu, Mar. 26, 2009 Jack Hughston Memorial Hospital to reduce staff 22 percent Jack Hughston Memorial Hospital in Phenix City plans to lay off between 70 to 80 employees and reduce medical services, the hospital announced Wednesday. Layoffs will span across all departments at the hospital, and administrators are now analyzing each department, Baker said. The CEO declined to pinpoint an effective date, but said that should be determined “in the very near future.” The 62-bed Alabama general hospital, which is owned by a group of Hughston Clinic orthopedic surgeons, employs a work force of 308. It will be reduced to less than 240 after the cuts. Officials also said medical services, including internal medicine and nephrology, will be reduced. About a year ago, seven Hughston Clinic orthopedic surgeons purchased the Phenix City hospital, then known as Summit Hospital, from Nashville, Tenn.-based Ameris Health Systems LLC for $47.7 million. Summit Hospital, established in August 2006, was already in debt and struggling with unstable patient flows and fewer-than-expected on-site procedures when Hughston physicians closed on the sale. Last month, administrators announced they would be restructuring the organization — something they said they had intended to do as part of their five-year strategic plan to become a vertically integrated health care system. Job and service cuts at hospitals in Alabama — and across the country — are becoming more common in the current economic environment, said Rosemary Blackmon, chief operating officer at the Alabama Hospital Association. At the end of 2008, the Alabama Hospital Association surveyed 84 hospitals across the state and found 76 percent already had reduced staff. About 32 percent said they’d made cuts in services. Emory avoids major layoffs, Georgia Hospital Assn says 60% have cut staff, reduced services or considering http://www.ajc.com/services/content/business/stories/2009/03/31/emory_healthcare_cutbacks.html Tuesday, March 31, 2009 With widespread job losses, more patients without insurance have sought care at Emory hospitals. And in the past six months, with the stock market drop, Emory Healthcare’s investments plunged by $50 million. While revenues from operations remained profitable over that time, the bottom-line loss was about $20 million, said John Fox, Emory Healthcare’s CEO. To cut $30 million in costs, though, the organization went to its employees for feedback on management proposals, and to solicit their ideas. Hundreds of suggestions rolled in, from surgeons to housekeepers. Emory says the responses have helped achieve the cost savings without layoffs, while keeping patient care paramount. “Overwhelmingly, employees were willing to trade off some benefits to preserve jobs,” Fox said. Among the changes approved: Reducing employees’ paid time off by one day. Piedmont Healthcare, for example, in December placed on hold its $194 million project to build a new hospital in Newnan. The recession has forced 60 percent of Georgia’s hospitals to cut staff or consider it, and more than onethird to reduce services or contemplate such a move, according to a recent survey of 63 hospitals and health systems by the Georgia Hospital Association. Last week, Emory Healthcare told its 10,700 employees about the final cost-cutting measures. The changes include: • Matching at 50 cents on the dollar for the first 4 percent of contributions to the employee savings plan, down from a dollar-to-dollar match. The move will save $5 million to $6 million a year. • Eliminating extra pay for certain shifts and jobs.
• Eliminating additional pay for working the day after Thanksgiving and on Christmas Eve. • Ending a bonus for referring a successful job candidate. HAWAII Honolulu: Hawaii Medical Center bankruptcy reorganization plan announced http://www.kitv.com/money/19059997/detail.html POSTED: 3:46 pm HST March 31, 2009, UPDATED: 8:49 am HST April 1, 2009 HONOLULU -- Hawaii Medical Center officials on Tuesday said they hope to stay in business and pay off its creditors over the next four to 10 years. Hawaii Medical Center took over the nonprofit St. Francis Hospital in Liliha and St. Francis West to become for-profit, physician-owned facilities. They filed for bankruptcy last August and laid off hundreds of employees. The organization's chief restructuring officer on Tuesday outlined the bankruptcy reorganization plan, which he hopes will keep the facilities operating. "The plan now is to make sure we are sustain as an institution. However, on a day-to-day perspective, we are focused on care putting our focus where it needs to be, which is looking after patients," Chief Restructuring Officer Salim Hasham said. The hospitals owe about $80 million to creditors, including St. Francis. "Our proposal right now is to pay off our creditors at about 70 percent of what we owe, which is fairly healthy. So, our plan is to pay them off at 70 percent over four years," Hasham said. The company is asking St. Francis to accept only interest payments for two years with a payment plan over 10 years. Hospital officials said they have improved care and demonstrated an improvement in cash flow The reorganization plan still needs input from creditors and approval from bankruptcy court. ILLINOIS Silver Cross in Joliet pledges no layoffs through 2009 http://www.chicagotribune.com/business/chi-thu-notebook-silver-cross-mar19,0,5004128.story Moving against the tide of many other bosses across the country, the top executive at Silver Cross Hospital in Joliet is pledging no layoffs through 2009. And he put it in writing. In an internal memo last week to employees, Paul Pawlak, Silver Cross' president and chief executive, said the pledge will apply to all full- and part-time employees. It will not apply to executive staff or temporary employees, nor to workers facing "disciplinary actions." The hospital has more than 1,500 employees. Silver Cross has a strong balance sheet with about $35 million in cash reserves and an additional $83 million for plans to build a 289-bed replacement hospital 31/2 miles east of its New Lenox facility. Lake Forest - Hospira to cut 1450 over next 24 months http://www.dividend.com/blog/?p=6962 March 24th, 2009 The wave of layoffs at U.S. corporations continued Tuesday, as pharmaceutical and medication delivery company Hospira, Inc. (HSP) said Tuesday that it plans to eliminate 10% of its workforce. The Lake Forest, Illinois-based company said it will slash about 1,450 jobs, or 10% of its total workforce, over the next 24 months as part of a broader cost-cutting plan. Hospira said it expects the job cuts, along with operations streamlining, to result in annual savings of $110 million to $140 million. INDIANA Kosciusko - 11 non-clinical staff positions cut http://www.wlzq.com/news/2009/03/layoffs-at-kosciusko-community-hospital.htm Friday, March 20, 2009 The chief executive at Lutheran Health Network confirmed yesterday that Kosciusko Community Hospital has cut 11 non-clinical staff positions. Mike Schatzlein blames an economy-related reduction in outpatient procedures – especially elective surgeries IOWA
Cedar Rapids - St. Luke's eliminates 11 full time and 32 part time positions, Mercy hiring freeze http://www.kcrg.com/news/local/41460427.html St. Luke's Hospital plans to eliminate 11 full time jobs and 32 part time positions - taking effect in mid April. Some of the workers impacted by the decision may fill other hospital openings. Hospital officials told TV9 the cuts will not come in what's considered the hospital's "core" services. In fact, the cuts won't hit workers based at the main hospital complex itself. Instead, the separate Women's Health Spa will eliminate any fitness services and concentrate only on massage therapy. The Home Care Services department won't offer private duty nursing or IV therapy in patient homes. While St. Luke's is cutting some jobs and services in two areas--the hospital is continuing to grow in others and has openings in places like Emergency Services. By contrast, Mercy Medical Center announced a hiring freeze a month ago and started a campaign to cut $5-million dollars in hospital expenses. Employees have responded with suggestions to save money and perhaps hold off any layoffs. MARYLAND Maryland Hospital Assn: 34 of 58 hospitals lost money 4Q 08, cutbacks, possible mergers, no closings http://wbal.com/apps/news/templates/default.aspx?a=24127&template=print-article.htm The Maryland Hospital Association reports more than half of the state's hospitals lost money in the fourth quarter of 2008. Losses totaled $466-million dollars, as 34 of the state's 58 hospitals lost money. Coyle notes that no hospital is in danger of closing, but there are cutbacks in services. "Losses of this order or magnitude leave hospitals with little choice other than to look at reductions in personnel and other serious issues," Coyle said. Coyle says a number of hospitals have laid off staff in the last few months, and have kept vacant positions open. She says no hospital is in danger of closing. She does think that some smaller hospitals may merge in the future, in order to share costs. MINNESOTA Faribault Co - St Luke's: 14 part-time and full-time workers laid off, hours reduced for others http://www.faribaultcountyregister.com/page/content.detail/id/500926.html?nav=5002 POSTED: March 30, 2009 While the owner of Winnebago’s nursing home is expanding into eastern Faribault County, a Blue Earth facility is scaling back its workforce. Some workers at St. Luke’s Lutheran Care Center already have had the number of hours they work reduced. On March 20, 14 part-time and full-time employees were told their services were no longer needed. All departments were affected by the layoffs. MISSISSIPPI Natchez - Bankruptcy Process Moves Forward - Money Owed To Be Paid In Full http://www.wapt.com/money/18966594/detail.html POSTED: 10:33 am CDT March 19, 2009, UPDATED: 10:58 am CDT March 19, 2009 NATCHEZ, Miss. -- A hospital official said the bankruptcy process for Natchez Regional Medical Center is going smooth and each party that is owed money will be paid in full. Scott Phillips, chief executive of Natchez Regional, said a Wednesday bankruptcy hearing, which was an opportunity for any of the hospital's creditors to voice concern, was not attended by any complaining creditors. Phillips said he believes since the hospital's bankruptcy plan calls for each party that is owed money to be paid in full, none have had any objections. The hospital filed Chapter 9 bankruptcy in February as a means to restructure the hospital's debts and prepare the hospital for sale. The hospital's largest single debt is an approximately $18 million bond, financed through the Mississippi
Development Bank. NEW HAMPSHIRE Frisbie - Memorial Hospital announces 24 layoffs, reduction in employee hours http://www.wmur.com/health/19065201/detail.html POSTED: 12:47 pm EDT April 1, 2009, UPDATED: 5:57 pm EDT April 1, 2009 ROCHESTER, N.H. -- Frisbie Memorial Hospital is cutting two-dozen employees from its payroll and scaling hours back for others because of the ailing economy.The hospital said the amount of charity care and bad debt from people not paying their bills has increased by 20 percent over the past year. "This tremendous economic storm that's surrounding all of us is ending up at the doorstep of the hospitals," said Steve Ahnen, president of the New Hampshire Hospital Association. The hospital this week laid off 24 full- and part-time workers and cut hours for another 104 workers. It also froze merit increases. Since the start of the year, at least three other hospitals in New Hampshire have announced cost-cutting measures. Monadnock Regional Hospital in Peterborough announced salary reductions, Huggins in Wolfeboro laid off 13 workers, and Wentworth-Douglass in Dover announced salary freezes. NEW JERSEY Pompton Plains - Chilton Hospital lays off 52, downgrades 11 to part-time http://www.nj.com/news/local/index.ssf/2009/04/chilton_hospital_reduces_staff.html Wednesday April 01, 2009, 6:01 PM Chilton Memorial Hospital has laid off 52 workers and downgraded 11 others to part-time status-- a decision that hospital officials believe could save $4 million. Most of the layoffs were contained to the administrative and support areas of the hospital, she said. The workers were offered outplacement counseling and received severance packages reflecting their years of service. Originally, the hospital expected to lay off up to 120 people but avoided that by keeping jobs vacant, reducing hours and combining positions, she said. Phillipsburg - Warren lays off 24, won't fill 24 vacancies http://www.lehighvalleylive.com/phillipsburg/index.ssf/2009/03/layoffs_come_to_warren_hospita.html Tuesday March 10, 2009, 10:39 AM Warren Hospital will lay off 24 employees and not fill another 24 vacancies in an attempt to rein in their spending, according to a hospital news release. The announcement, which is dated Monday, says the employees affected by the layoffs come from various positions in the hospital. Those affected by the "workforce reduction" are full- and part-time employees and have been offered severance packages based on years of service. The hospital doesn't plan on a significant number of additional layoffs in the future, but officials have not explicitly ruled out the possibility. The hospital says the reduction will not affect their services. Last year, the hospital closed its 15-bed maternity ward as a cost-saving measure, hospital officials said. The move saved about $1.8 million per year. NEW YORK NY City - Public Health System to cut 400 jobs, closes 20 programs http://www.ny1.com/content/news_beats/politics/95904/city-s-public-health-system-to-cut-400jobs/Default.aspx The New York City Health and Hospitals Corporation announced Thursday that it will cut 400 jobs in an effort to save nearly $105 million from its next fiscal year budget. The cuts are a result of a $66 million reduction to HHC's Medicaid reimbursement by the state, the rise in uninsured patients, and other factors. HHC, which employs around 30,000 people, will lay off 200 of its workers beginning in July. Another 200 jobs will be lost through attrition. It will also close 20 of its community and hospital-based programs. Among
the closures are four school-based health programs, three community clinics, and two mental health day treatment programs. Three other hospital-based programs will also be consolidated with reduced staffing. Forest Hills: New Parkway Hospital Emerges From Bankruptcy http://www.zwire.com/site/news.cfm?newsid=19366266&BRD=2731&PAG=461&dept_id=574907&rfi=6 03/06/2008 Nearly three tumultuous and uncertain years after first filing for bankruptcy protection, the New Parkway Hospital announced last week it had officially emerged from bankruptcy. Dr. Robert Aquino, chief executive and president of the hospital, was characterized in a press statement as “exuberant and optimistic” about the development, and claimed Parkway was now “in a position to become one of the region’s premier hospitals.” The development must certainly come as a relief to Aquino, who purchased the ailing Forest Hills hospital in June, 2005, in hopes of saving it. Only a month into ownership, he was forced to file for bankruptcy on the hospital’s behalf, unable to repay the millions of dollars of debt owed to emergency medical workers and the IRS, to name a few. Just over a year ago, the Forest Hills hospital was on a short list to be closed, as recommended by the Berger Commission, a state-assigned group formed to evaluate health care facilities around the state. The commission dubbed Parkway non-essential, arguing that its patients could be absorbed by other hospitals in the area. The commission cited “financial and administrative mismanagement, and more importantly, quality of care,” as its reasons for its assessment, concluding that Parkway, was “a prime candidate for closure.” As part of the report, however, the commission called for a two-year postponement of any closure action, stating that “the new operators of the hospital (had) presented a credible plan for emerging from bankruptcy.” Critics of the recommendation to close have always maintained that the assessment was flawed. A report by the city Comptroller’s Office in December 2006, for example, asserted that Forest Hills Hospital, the nearest hospital to Parkway, had a “staffed-bed occupancy rate of 90 percent” — which, it contended, raised “a question about the adequacy of (Forest Hills’) capacity if Parkway’s closure proceeds.” That same month, Parkway lawyers filed suit against the commission, arguing that the state could not revoke its operating certificate because the hospital, as a “proprietary institution,” was not eligible for state compensatory funds if it were to close. OHIO Ohio Hospital Assn - About 35 hospitals planning layoffs sometime in next 6 months http://www.medcitynews.com/index.php/2009/04/survey-nearly-three-dozen-ohio-hospitals-have-layoffplans/ April 2, 2009 by Chris Seper About 35 Ohio hospitals are planning layoffs sometime in the next six months, according to a survey by the state’s hospital trade association. The results were part of the Ohio Hospital Association’s HealthBeat newsletter, which said about one-third of respondents were planning employee cut-backs. A total of 110 of the association’s 174 members responded to the survey. The association did not know how many layoffs were planned and would not provide a list of hospitals that said they were planning layoffs. The association asked: “How many [full-time employees] does your hospital plan to lay off/not replace over the next 6 months?” One-third indicated “definite plans for layoffs,” association spokeswoman Tiffany Himmelreich said. OKLAHOMA Norman - Regional Hospital announces layoffs, reduction in hours http://www.koco.com/money/18786372/detail.html UPDATED: 3:53 pm CST February 24, 2009 According to a news release, the Norman Regional Health System said the reduction was in response to "current economic conditions that are affecting health care and other businesses both in the state and nation." In addition, hospital officials announced a reduction in work-week hours to save money. PENNSYLVANIA Philadelphia - Children's Hospital announces reductions/eliminations - nearly 50 positions http://cbs3.com/local/childrens.hospital.of.2.974093.html
Apr 2, 2009 9:00 pm US/Eastern The Children's Hospital of Philadelphia announced nearly 50 positions will be reduced or eliminated Thursday. Officials said affected workers were notified on March 19 that some positions will either see a reduction in hours or be eliminated completely. Direct patient care positions were not affected by the cuts, officials said. Palmerton - Blue Mountain orders 22 layoffs, eliminates 8 unfilled positions http://www.topix.com/forum/city/palmerton-pa/TU5M14MB2MA9GCRNU Blue Mountain Health System announced Thursday it will lay off 22 people and eliminate eight unfilled jobs in an effort to reduce costs amid the national economic downturn. Brownsville - Bankrupt hospital seeks cash to reopen, gets some money from CBS TV pilot http://www.post-gazette.com/pg/09088/959154-114.stm First published on March 29, 2009 at 12:00 am "In fact, the Brownsville Tri-County Hospital is more than shovel-ready. The 104,000-square foot, one-level building is already updated, newly refurbished and just waiting for someone to come in and use it.... Plagued by a lack of funding and lengthy bankruptcy proceedings, the hospital, set on a 27-acre campus in nearby Redstone, Fayette County, has closed twice in the past five years. Most recently, it stopped operations on Feb. 12, after its board of directors recognized it would fall $200,000 short on payroll. Six days later, it filed a Chapter 11 petition as well, listing more than $12 million in debts to several hundred creditors, including employees who weren't paid. But Brownsville's hospital has been troubled for many years. In 2004, Brownsville General Hospital, as it was known then, had to phase out intensive care services after running at a loss for several years. Then in June 2005, a group of private doctors purchased the hospital and changed it into a for-profit operation. Tara Hospital, as it was named, lasted only until January 2006. The operators surrendered their state license and filed for bankruptcy -- a case that is still pending now. Determined to make the hospital work, Mr. Ricco and another board of directors set about reopening the facility. But because of new state regulations, upgrades to the building -- such as removing asbestos ceiling tiles, installing a new sprinkler system, a continuous oxygen supply line and new sinks in every patient room -- cost $2.5 million. That put the hospital in a major financial slump even before it opened. And two potential revenue generators for the hospital -- its eight-room intensive care unit and operating rooms -- couldn't be used because they lacked a heating/cooling/ventilation system that would have cost $600,000 to install. Despite those setbacks, and being able to use only 21 rooms for acute care, and another 18 for geriatric and psychiatric patients, the facility opened with great fanfare in May 2008. In the short time the Tri-County Hospital operated, Mr. Ricco bragged, its 159 full- and part-time employees served about 17,000 patients. Complicating matters for Brownsville Property Corp., the entity that owns the building, was an action against it in bankruptcy court. When the private physician group took over the operation of the hospital in 2004, the building was transferred to Brownsville Property, which leased it back to the doctors. However, after the doctors filed for bankruptcy in 2006, Robert Bernstein, the trustee appointed by the court to distribute hospital assets, filed an action against Brownsville Property to take possession of the building, which some have valued as high as $12 million. If he had done so, the building could have been sold and the proceeds could have been used to pay off creditors. Covering at least part of their costs for the short term will be money from CBS. The network has started prep work to film a pilot for the medical drama "Three Rivers" there. In the meantime, signs for the hospital along Simpson Road have been covered with bedsheets, wrapped in duct tape and bungee cords. But inside, the hospital still feels new, with recessed lighting, soft color schemes and shiny floors. The X-ray lab, with digital equipment that sends images to Pittsburgh to be read, as well as modern lab equipment, sit unused but ready to go. RHODE ISLAND South County - 20 laid off, 7 administrators take $100K pay cut
http://www.wpri.com/dpp/news/local_news/local_wpri_wakefield_south_county_hospital_layoffs_20090303 Published : Tuesday, 03 Mar 2009, 1:30 PM EST WAKEFIELD, R.I. (WPRI) - The health care industry is one of the few that thus far has appeared to to be relatively immune from the economic crisis. However, this does not hold true for South County Hospital in Wakefield. The hospital just announced it has laid off 20 workers. In addition, seven top administrators will take a combined $100,000 pay cut. According to the hospital's website, the facility lost $2 million during the first third of this fiscal year. It said most of the lost revenue - $1.4 million - can be attributed to a decline in patient volume. TENNESSEE Columbia - Maury lays off 25, freezes salaries http://business.nashvillepost.com/tag/layoffs/ By Geert De Lombaerde Posted on March 30, 2009 at 8:03 am Maury Regional Medical Center, whose CEO says charity care is up 44 percent from a year ago, also will freeze salaries “until utilization and reimbursement significantly improve.” Memphis - Regional Medical Center lays off 150, might eliminate services/specialties http://www.memphisdailynews.com/editorial/Article.aspx?id=41592 Tuesday, March 24, 2009, Vol. 124, No. 57 Officials of The Regional Medical Center at Memphis began laying off employees today at noon. The layoffs, which include 88 employees and 62 vacant positions, have been anticipated for over a month as the board of the public hospital hired a consulting group to reorganize the hospital. The reduction includes all levels within the organization, including administration, according to a The layoffs are a precursor of a rethinking of The MED that could include eliminating some services and specialties. TEXAS Temple - King's Daughters cuts 20, revises schedules; in merger talks http://www.kwtx.com/medicaldirectory/headlines/41693932.html TEMPLE (March 23, 2009)--King’s Daughters Hospital in Temple confirmed Monday it has eliminated 20 positions and is revising the work schedules of some other employees as it continues to deal with an operating loss stemming from fewer patients, higher expenses and more bad debt. The 20 positions being eliminated represent about 8 percent of the hospital’s work force, King’s Daughters said in a statement issued Monday afternoon. The employees whose jobs are being cut are part of the hospital’s clerical and administrative staff. The hospital’s board of directors is in talks with Scott & White about a possible merger and is considering other options, King’s Daughters said Monday. Scott & White said Friday that if it acquires King’s Daughters, it would turn it into a full-service children’s hospital. However a petition drive is underway in hopes of keeping King’s Daughters as an acute care hospital in partnership with Seton Family of Hospitals, a 31facility network that serves 11 Central Texas counties. King’s Daughters officials say the hospital’s nondisclosure agreement with Scott & White precludes talks with other potential partners right now, however. Grand Prairie - Renaissance agrees to former Dallas Fort Worth Medical Center foreclosure http://www.westonlegal.com/news/february09/18a.htm The property, just east of Texas 360 and near East Abram Street and Great Southwest Parkway, has been posted for foreclosure by MetroBank in Houston and the First National Bank in Edinburg. Renaissance Healthcare owes the banks $38 million, according to records. The property is scheduled to be sold on the Tarrant County Courthouse steps March 3. "There’s no viable way in this economy to make this work," said Dean Ferguson, general counsel for
Renaissance Healthcare, which planned to have the hospital reopen sometime this year. Renaissance Healthcare bought the property, once known as the Dallas Fort Worth Medical Center, in August 2006 from a Fort Worth investor group. The property has been closed since 2000. It began renovating the building but stopped construction a year later because of cost overruns and the collapse of capital markets, the company said in its bankruptcy filing. Ferguson said some investors from Germany and Belgium were interested in funding the Grand Prairie project, but they pulled out when global financial markets also began to sink several months ago. "We have been unable to fund the construction at the level of debt that’s against it right now," Ferguson said. The property consists of a 233,000-square-foot hospital building and a 30,000-square-foot office building on 22 acres of land. Renaissance Healthcare had said it was redeveloping the property into a state-of-the-art facility with 150 private rooms, a cardiac-care unit, 12-bed emergency room, in-patient rehabilitation and a long-term care facility, among other things. It had planned to employ as many as 600 workers. The company filed for Chapter 11 reorganization in August but could emerge from that process as early as next month, Ferguson said. As part of its reorganization, Renaissance Healthcare sold its facility in Terrell, Ferguson said. It will continue to operate hospitals in Houston, Dallas and Groves, near Port Arthur, he said. In October, Renaissance Healthcare signed gas leases at the Grand Prairie site with Chesapeake Energy. Groves - Renaissance Hospital in Chapter 11, apparently won't close (see above) http://www.beaumontenterprise.com/community-news/mcc/local/40437172.html A last-minute reprieve kept the doors open at Renaissance Hospital in Groves Friday, but the troubled medical center has only until Monday to breathe a sigh of relief. Officials say all personnel scheduled this weekend should report to work. Renaissance Hospital has been in Chapter 11 bankruptcy since last fall, a move which allowed it time to reorganize and restructure, according to Dorraine Smith, business development director for the Groves hospital. However, earlier on Friday the hospital had received word that it would go into Chapter 7 bankruptcy, which would mean closing the facility, Smith explained. That prompted an announcement to employees at about 1:30 p.m. Friday that left them in tears and had some moving out their personal belongings. It was last-minute negotiations with the bankruptcy court and possible investors that gave the hospital its second wind, Smith said. "Negotiations are going on that may curb the closing of the hospital. Sometime Monday afternoon we'll have a definitive answer as to what will happen here," she explained. As the Friday negotiations continued, employees at the Groves hospital came to terms with a situation they assume will leave them unemployed. However, Smith said none of the 150 to 200 employees have been fired or asked to leave. "We are going to do everything that we can to keep these employees from losing their jobs," she said. "We need more time." Hospital executives have been working with investors to subsidize costs and Smith believes that is what encouraged the bankruptcy courts to keep the hospital from moving to Chapter 7 status and closing its doors Friday. "This decision actually came down from the courts and we did not have any control over that," she said. "I'm not sure what happened with the court that they said, 'This is it', but obvisouly something happened to change that idea." Before being purchased by the Houston-based Renaissance Healthcare Systems in 2004, the hospital on 39th Street in Groves was known as Doctor's Hospital for nearly half a decade. At the time of its purchase by Renaissance, Doctor's was in Chapter 11 bankruptcy. Renaissance Healthcare Systems, which owns hospitals in Houston, Dallas and Grand Praire, was recently acquired by Atlantic Health Group. TEXAS
Plano - Bankrupt Integra Hospital wants to sell to Rockwall http://netdockets.wordpress.com/2009/01/14/integra-hospital-plano-again-seeks-to-sell-all-assets/ Integra Hospital Plano Again Seeks to Sell All Assets Integra Hospital Plano, L.L.C. yesterday filed a new motion seeking approval of a sale of substantially all of its assets. The company had previously filed an asset sale motion on December 1, 2008, but withdrew that motion without prejudice on December 10, 2008. The bankruptcy court then entered an order on December 19, 2008 approving revised bidding procedures for substantially all of the company’s assets and approving bid protections for Rockwall Rehab Hospitals, Ltd. as a stalking horse bidder. The company did not receive any qualified bids other than the bid from Rockwall. Therefore, the company now seeks approval of a sale to Rockwall. The company argues that exigent circumstances exist for approving the sale, as its debtor-in-possession financing matures on February 5, 2009. The company seeks to sell its Baton Rouge and Plano hospitals on one of two alternate sets of terms. If the court approves a sale free and clear of liens and claims (which is currently objected to by one of Integra’s secured creditors Contemporary Health Capital), Rockwall will purchase the assets for $6,555,000, out of which Integra will pay cure costs of approximately $200,000. If, however, the court does not permit the sale free and clear of liens and claims, the company proposes that the Bank of Texas will foreclose on the assets on which the bank has a first priority lien and sell the same at a foreclosure sale. Richardson: Rockwall Hospitals buys Integra Hospital Plano http://www.pegasusnews.com/news/2009/mar/04/richardson-based-rockwall-hospitals-buys-integra-h/ Wednesday, March 4, 2009 Rockwall Hospitals, Inc. announced today that it had closed on the purchase of Integra Hospital Plano, a 73bed rehabilitation facility in Plano, Texas, near Dallas, and Sage Rehabilitation Hospital, a 42-bed facility in Baton Rouge, La. Both are full-service rehabilitation hospitals and represent, not only Rockwall Hospitals’ first ventures into 100 percent ownership of hospitals, but also the Richardson, Texas-based company’s first and second rehabilitation hospitals, as well as its first facility outside Texas. Rockwall Hospitals also operates and is the largest sole owner in the hospital partnership of Patients Medical Center in Pasadena, Texas, and Texas Regional Medical Center at Sunnyvale, which is under construction and is scheduled to open in August in Sunnyvale, Texas. Rockwall is scheduled to begin construction later this year on Southlake Regional Medical Center in Southlake, Texas, which also has physician investors. “These hospitals have done excellent jobs of maintaining high patient censuses during their former owner’s bankruptcy. This is a testament to the dedication and professionalism of the employees, therapists, nurses and physicians in both of these facilities. It’s also one of the largest factors in Rockwall Hospitals’ decision to acquire the Plano and Baton Rouge hospitals.” Plano-based Integra Hospital Management, LLC and its related companies filed bankruptcy in late 2008. Integra Hospital Plano, which will keep its name, has 241 part-time and full-time employees and the Baton Rouge hospital employs 242 part-time and full-time employees. Kennedy said almost all the employees are keeping their jobs. Greg Rogers is the new CEO for Integra Hospital Plano and Jay Ivy will remain CEO of Sage Rehabilitation Hospital. Plano: Integra Hospitals Cases Converted to Chapter 7 http://www.netdocketsblog.com/2009/03/integra-hospitals-cases-converted-to.html On March 12, 2009, the bankruptcy court entered an order converting the chapter 11 cases of Integra Hospital Plano, L.L.C. and its affiliates to cases under chapter 7 of the Bankruptcy Code. The conversion was initially requested on January 19, 2009 by Contemporary Healthcare Fund I, L.P. The motion was supported by the Official Committee of Unsecured Creditors appointed in the cases. While Integra Hospital Plano filed an objection to the motion on January 28, 2009, the order states that the company informed the court at a hearing on March 9th that it intended to convert the cases to chapter 7 cases. The conversion of the cases is effective as of 5:00 p.m. on March 19, 2009, unless an objection is presented at a status hearing to be held on March 19th at 1:30 p.m.
VIRGINIA Richmond - VCU Health System Cuts Layoffs to About 30 - down from 300 in January http://www.wtvr.com/Global/story.asp?S=10101773 Posted: March 31, 2009 09:46 AM RICHMOND, Va. (AP) - The VCU Health System has slashed the number of workers it will lay off in April. The health system had said in January that 300 workers could be laid off. That number has since been cut to about 30 workers. MCV Hospitals CEO John Duval says the layoffs are effective April 18. WASHINGTON Spokane and Stevens counties - Providence plans to trim staff, hopes to avoid layoffs http://www.seattlepi.com/local/6420ap_wa_providence_hospitals.html?source=mypi Last updated March 28, 2009 6:32 p.m. PT SPOKANE, Wash. -- Providence Health Care is planning to trim staff at its Eastern Washington hospitals, but says it hopes to avoid layoffs. In a memo to staff Friday, Dr. Andrew Agwunobi, chief executive of Providence's regional operations, said the nonprofit health-care system is $9 million behind its budget. He wrote that "some level" of staff reductions will take place in April and May. Sacred Heart Medical Center and Holy Family Hospital employ most of ProvidenceÂ’s 8,450 employees in Spokane and Stevens counties. Agwunobi said the hospitals will try to use attrition, a hiring freeze for non-essential jobs and possibly unpaid furloughs to reduce the staff.
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