Wednesday, October 5, 2011

Finality on the hospital: time to lay down the cards

The final showdown on the hospital is set. The critical hearing for the bankruptcy settlement is scheduled for tomorrow afternoon.  There's no more money and there's no more time to be had.

One source close to the discussions noted the hospital needs this to end, or the hospital goes under from running out of money before a hearing that has been delayed several times for additional negotiations.

It's not known what the final package for the creditors committee to evaluate is but it's likely more than the average institutional bankruptcy.

If the creditors committee votes to accept the settlement, the hospital sale can proceed.  If they don't, the hospital will close.

Creditors call: Time to put down the cards and collect the winnings.  
Or see it all blow away and with it the hospital.

Talking Ed Note: The unions hold two of the seven seats on the creditors committee.  How they vote will not determine the outcome.  It's unclear if a vote has or will be held shortly.  The bankruptcy judge can request a vote on the proposed settlement package.

As the hospital is days away from running out of monies to operate, the dithering and bickering on a settlement has reached a final crescendo. This is it for all parties concerned.

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