The two organizations signed a memorandum of understanding for a potential affiliation in May. If the affiliation is realized it would include the following:
• Hartford HealthCare’s governing board will have reserve powers — the ability to hire/fire Backus’ CEO and the ability to veto or approve capital projects after consultations with Backus’ board of directors.
• Backus Corp. would have its assets and liabilities appear on Hartford HealthCare’s financial statement.
• Hartford HealthCare would assume liability for Backus Corp.’s debt, including long-term debt of $62 million as of September 2011.
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Hartford HealthCare, Backus Corp. Sign Memorandum of Understanding
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