The group bought the hospitals, then known as St. Francis Medical Centers, for $68 million, financing the deal with a $40.2 million term loan and an $8.9 million working capital loan, requiring payments of $342,000 a month.
The hospitals’ not-for-profit status, reportedly the only such designation for a hospital in the islands, means it has to pay general excise and property taxes.
The system’s chairman said the group paid too much for the hospitals, but the hospitals’ finances have improved and they are ready to emerge from Chapter 11 reorganization.
Read Pacific Business News‘ report on Hawaii Medical Center.
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