Hawaii Medical Center, which includes Hawaii Medical Center East and Hawaii Medical Center West, has also submitted a reorganization plan to a U.S. Bankruptcy Court, in which Hawaii Medical Center would transfer ownership rights of its two hospitals to Honolulu, Hawaii-based St. Francis Healthcare System of Hawaii. The ownership transfer would balance Hawaii Medical Center’s $40 million debt.
Under the proposed reorganization plan, MidCap Financial would also provide new financing for the health system’s operation once it emerges from bankruptcy, according to the news report.
The first time Hawaii Medical Center filed for bankruptcy was in 2008, approximately 18 months after it acquired Hawaii Medical Centers East and West from St. Francis, according to the news report. Hawaii Medical Center still owes $19 million from its first reorganization plan.
Read the news report about Hawaii Medical Center.
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