According to the report, the hospital is in danger of not being able to pay off debt stemming from tax-exempt bonds insured by Cal-Mortgage. Alameda County healthcare services officials entered into an agreement with Cal-Mortgage, in which the hospital would receive a $3 million line of credit if a financial consultant is hired to help the hospital meets its financial obligations.
A separate, independent assessment by another company will be conducted at St. Rose Hospital to review the hospital’s financial and accounting processes and determine possible debt restructuring, according to the report.
Related Articles on Hospital Debt:
Home Health Company to Lead Turnaround of New York’s Struggling Peninsula Hospital
Revenue at Washington’s Olympic Medical Center Down by 18%
Tennessee Hospital District Tripling Debt to Finance Renovations
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