Caritas has also announced that it plans to lay off about 160 workers in order to “cut expenses”; the Globe reports that this represents about 1.2 percent of Caritas’ workforce. The article further explains the economy’s impact on the planned financing:
Just six weeks ago, Caritas Christi unveiled Ascension’s planned investment as an innovative financing solution that would strengthen the ties between the two Catholic healthcare organizations. Yesterday, Brian Carty, Caritas Christi’s chief marketing officer, said Ascension never planned to invest directly in the Boston chain. Instead, it wanted to merely participate in a larger public bond offering, buying $100 million of the notes, according to Carty.
But with credit markets frozen because of the nation’s ongoing economic crisis, Caritas Christi is unable to sell bonds, Carty said. That also rules out Ascension’s participation.
Read the full story here.
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