St. Francis sisters may file HMC plan - San Francisco Business Times:

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The Hawaii Medical Center had exclusive authority to file a reorganizationj plan for the ailingformer St. Francis hospitals. The center submitted its plan onMarch 30. In denyingf the extension requeston Monday, U.S. Bankruptcy Court Judge Robergt Faris said this will help bring the bankruptcyh to a successful OnJune 22, Faris approved Hawaiio Medical Center’s disclosure statement, which was viewede as a key step toward implementing the strugglinyg hospital system’s reorganization plan. creditors will vote to approve orreject HMC’sw plan sometime after a hearing scheduled for Aug. 3.
In a preparecd statement, HMC Chief Operations and Restructurinf Officer Salim Hasham saidthe company’s plan builds on the progresas made in turning arounds the hospitals. “While we believe that our plan offerw the best option for Hawaii Medical Centert to thrive and continue to serve the we know that others have their own ideas for restructurinfg and we welcome their participatiom inthe process,” he Officials at Hawaii Medical Center, which bought the struggling former St. Francis hospitals in Ewa and Lilihz more than two yearxs agofor $68 million, filed for Chapter 11 bankruptcty last August. They have sincw said they paid too much and wanta do-ove r of the deal. St.
Francis Healthcarer System of Hawaii, the Romanh Catholic religious order which provided most of the financintg in the January2007 sale, and other creditors have objectesd to HMC’s plan. In an objection it filed with the courtfJuly 10, St. Francis officials callesd the planan “ill-conceived and gap-filled effort” and said HMC officials “merely seek to prolong exclusivity to maintain their head start and to disadvantagse others who seek a say in this reorganization, an inappropriat e use of exclusivity as a means to pressurw creditors and leverage parties in St. Francis now says it will file its own reorganizatiob plan forthe hospitals.
“This opens the door for us to put togethedr and submit our own plan which will be beneficial for theotherr creditors, the community and our health-care said CEO Sister Agnell Ching in a prepared statemenr to PBN. Hawaii Medical Center is a partnership betweenCHA Hawaii, an affiliat of Cardiovascular Hospitals of Americs and Hawaii Physician Group LLC, which is a grouop of more than 130-Hawaii based physicians. It is Hawaii’s only for-profigt hospital system.