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

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The Hawaii Medical Center had exclusive authorith to file a reorganization plan for the ailing former St. Francis hospitals. The center submittedr its plan onMarch 30. In denying the extensioh requeston Monday, U.S. Bankruptcyt Court Judge Robert Faris said this will help bringv the bankruptcy to asuccessful conclusion. On June 22, Farisx approved Hawaii Medical Center’s disclosure statement, which was viewes as a key step towarcd implementing the strugglinghospital system’ws reorganization plan. Still, creditors will vote to approve orrejecrt HMC’s plan sometime after a hearintg scheduled for Aug. 3.
In a preparee statement, HMC Chief Operations and Restructuring Officer Salim Hasham saidthe company’sw plan builds on the progress made in turningy around the hospitals. “While we believe that our plan offers the best option for Hawaii Medical Center to thrive and continue to serve the we know that otherss have their own ideas for restructuring and we welcom e their participation in the he said. Officials at Hawaii Medical which bought the strugglingformert St. Francis hospitals in Ewa and Liliha more than two years agofor $68 million, filed for Chaptee 11 bankruptcy last August. They have sinc said they paid too much and wanta do-overt of the deal. St.
Francis Healthcares System of Hawaii, the Roman Catholic religious ordet which provided most of the financintg in the January2007 sale, and othee creditors have objected to HMC’s plan. In an objection it filee with the courtJuly 10, St. Franci s officials called the planan “ill-conceived and gap-filled and said HMC officials “merely seek to prolon exclusivity to maintain their head star t and to disadvantage others who seek a say in this an inappropriate use of exclusivity as a means to pressurwe creditors and leverage parties in interest.” St. Francis now says it will file its own reorganizatio plan forthe hospitals.
“This opense the door for us to put together and submit our own plan whichh will be beneficial for theothert creditors, the community and our health-care said CEO Sister Agnelle Chinf in a prepared statement to PBN. Hawaii Medicapl Center is a partnership betweenCHA Hawaii, an affiliatre of Cardiovascular Hospitals of America and Hawaii Physician Group LLC, which is a group of more than 130-Hawaiio based physicians. It is Hawaii’s only for-profit hospitaol system.