California's Parkview Community Hospital Misses Debt Payment
March 09, 2010
Parkview Community Hospital Medical Center, Riverside, Calif., might receive a notice of default after missing a March 8 deadline to pay off millions of dollars in debt, according to a story in The Press-Enterprise.
Prime Healthcare Services, which bought as much as $30 million of Parkview's debt in Dec. 2009, was expected to take legal action if the hospital did not meet the deadline.
The Press-Enterprise quoted Parkview CEO Doug Drumwright as saying the hospital was still negotiating with its lender and was making progress toward securing a loan. Prime Healthcare had offered to extend the debt repayment deadline until the end of March if the hospital agreed to certain conditions, but the hospital refused.
Parkview, a nonprofit 450-bed community hospital, will remain open even if a notice of default is filed, according to the story. It has been trying to get into a mortgage insurance program of the U.S. Housing and Urban Development Department that would refinance the hospital's debt.
Read The Press-Enterprise's story about Parkview Community Hospital Medical Center.
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