HMC, which has two hospitals in Honolulu and Ewa Beach, filed for Chapter 11 bankruptcy in June and transferred ownership of its hospitals to St. Francis Healthcare System of Hawaii in Honolulu. Under that reorganization plan, MidCap Financial would provide new financing for the health system’s operation once it emerged from bankruptcy.
However, in November Prime replaced MidCap Financial as HMC’s lender and has since been working with HMC on a possible sale transaction. According to the report, Prime offered $25 million, far below St. Francis’s $40 million price range. As a result, HMC announced it would close both hospitals within the next two to four weeks.
Related Articles on Hospital Closures:
United Memorial Medical Center in New York to Shutter Some Services
Marian Community Hospital in Pennsylvania to Close in February
Study: 67% of Primary Care Physicians Affected by Closure of Safety-Net Hospital
