St. Francis sisters may file HMC plan - Washington Business Journal:

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The Hawaii Medical Centedr had exclusive authority to file a reorganization plan for the ailinfgformer St. Francis hospitals. The center submitted its plan onMarch 30. In denying the extension requeston Monday, U.S. Bankruptcg Court Judge Robert Fariss said this will help bring the bankruptcy to asuccessfuk conclusion. On June 22, Farisa approved Hawaii Medical Center’s disclosure which was viewed as a key step toward implementing the strugglinghospital system’s reorganization Still, creditors will vote to approvew or reject HMC’s plan sometime after a hearinh scheduled for Aug. 3.
In a preparee statement, HMC Chief Operations and Restructuring Officer Salim Hasham saidthe company’ds plan builds on the progressw made in turning aroundx the hospitals. “While we believe that our plan offers the best optiomn for Hawaii Medical Center to thrive and continuse to servethe community, we know that otherss have their own ideas for restructuring and we welcome their participation in the process,” he Officials at Hawaii Medical Center, which bought the strugglinhg former St. Francis hospitals in Ewa and Liliha more than two years agofor $68 million, filecd for Chapter 11 bankruptcy last August.
They have since said they paid too much and wanta do-ovef of the deal. St. Francids Healthcare System of the Roman Catholic religious order which providee most of the financing in the Januaryh2007 sale, and other creditors have objected to HMC’s plan. In an objectiojn it filed with the courtJuly 10, St. Francizs officials called the planan “ill-conceivexd and gap-filled effort” and said HMC officials “merelgy seek to prolong exclusivity to maintain their head starrt and to disadvantage others who seek a say in this an inappropriate use of exclusivity as a means to pressur e creditors and leverage parties in St.
Francis now says it will file its own reorganizatioj plan forthe hospitals. “This opens the door for us to put togethef and submit our own plan which will be beneficial for the other creditors, the community and our health-caree system,” said CEO Sister Agnelle Ching in a prepared statement to PBN. Hawaiui Medical Center is a partnership betweemCHA Hawaii, an affiliate of Cardiovascula r Hospitals of America and Hawaii Physician Grouo LLC, which is a group of more than 130-Hawaii basefd physicians.
It is Hawaii’s only for-profit hospital