SAINT VINCENT'S EMERGES FROM CHAPTER 11
10/26/2007
Media Contact: Robert Leonard
212/981-5113
-- Successfully Reorganized System, Stronger Operationally and Financially --
NEW YORK, NY (September 4, 2007) - Saint Vincent Catholic Medical Centers (Saint Vincent's) announced that its Plan of Reorganization became effective Friday, marking Saint Vincent's emergence from its voluntary Chapter 11 proceedings.
Saint Vincent's has met all requirements to emerge from bankruptcy and the implementation of the court approved Plan of Reorganization brings to a conclusion the organization's financial restructuring process. Saint Vincent's Plan of Reorganization was confirmed on July 27, 2007 by the U.S. Bankruptcy Court for the Southern District of New York. GE Healthcare Financial Services is providing the financing for the newly reorganized system.
'This is a new day for Saint Vincent's and the final milestone in our reorganization process is now completed,' said Alfred E. Smith, IV, and Board Chairman of Saint Vincent's. 'We have emerged as a stronger healthcare system, with a revitalized balance sheet and well positioned for continued future growth. We look forward to continuing to meet the healthcare needs of the Metropolitan area with excellence and pride.'
The 'new' Saint Vincent's looks forward to continuing to provide high quality medical, behavioral health, and continuing care to its patients and communities. It is focused on a core mission of services that is financially viable in today's healthcare environment.
The system is anchored by St. Vincent's Hospital Manhattan, the academic medical center of New York Medical College in New York City and the only hospital on the Westside of Manhattan from Midtown to Tribeca. The organization provides psychiatric and chemical dependency treatment services throughout the Metropolitan area including St. Vincent's Hospital Westchester. It retains three skilled nursing facilities, St. Elizabeth Ann's Health Care & Rehabilitation Center in Staten Island, as well as Holy Family Home and Bishop Mugavero Center for Geriatric Care in Brooklyn. Saint Vincent's operates one of the largest hospital-based home care agencies in the Metropolitan area. The health system is the designated provider and sponsor for the New York/New Jersey region for the US Family Health Plan under contract with the Department of Defense.
'I especially would like to thank the employees of Saint Vincent's for their hard work and dedication during this challenging time,' said Henry Amoroso, President and CEO of Saint Vincent's. 'We are now focused on the future, with a financially viable healthcare organization, which is committed to building a new technologically advanced 'green' hospital to serve the West Side and Downtown of Manhattan.
Planning has begun for the new hospital that will be located across the street from the current Greenwich Village hospital campus. The hospital recently announced the selection of Pei Cobb Freed and Partners as the architectural design firm for the new hospital. Saint Vincent's has been working with elected officials, community organizations, block associations and various leaders to seek their input in planning for the new hospital.
Saint Vincent's serves as the academic medical center of New York Medical College in New York City. The healthcare organization is sponsored by the Roman Catholic Bishop of Brooklyn and the President of the Sisters of Charity of New York.
