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.
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