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 reorganization plan for the ailingformer St. Francis The center submitted its plan onMarcnh 30. In denying the extensiom requeston Monday, U.S. Bankruptcy Court Judge Robert Faris said this will help brinfg the bankruptcy to asuccessful conclusion. On June 22, Faris approved Hawaiio Medical Center’s disclosure statement, which was viewed as a key step towarsd implementing the strugglinghospital system’s reorganizatiobn plan. Still, creditors will vote to approve orrejectt HMC’s plan sometime after a hearing scheduled for Aug. 3.
In a preparee statement, HMC Chief Operations and Restructurinv Officer Salim Hasham saidthe company’s plan builds on the progress made in turning arounr the hospitals. “While we believe that our plan offere the best option for Hawaii Medica Center to thrive and continue to servethe community, we know that othersz have their own ideas for restructuringv and we welcome their participatiomn in the process,” he said. Officials at Hawaii Medicapl Center, which bought the strugglin g former St. Francis hospitals in Ewa and Liliha more than two yearz agofor $68 million, filed for Chapter 11 bankruptcy last They have since said they paid too much and want a do-ovef of the deal.
St. Francis Healthcare System of Hawaii, the Roman Catholic religious order which provided most of the financinyg in the January2007 sale, and other creditors have objected to HMC’s plan. In an objectionh it filed with the courtJuly 10, St. Francies officials called the planan “ill-conceivex and gap-filled effort” and said HMC officials “merelyt seek to prolong exclusivity to maintain their head start and to disadvantage othersd who seek a say in this reorganization, an inappropriatwe use of exclusivity as a means to pressure creditorsx and leverage parties in interest.” St.
Franciws now says it will file its own reorganization plan forthe “This opens the door for us to put togethere and submit our own plan which will be beneficial for the otherd creditors, the community and our health-car e system,” said CEO Sister Agnelle Ching in a prepared statemenf to PBN. Hawaii Medical Centetr is a partnership betweenCHA Hawaii, an affiliatse of Cardiovascular Hospitals of Americsa and Hawaii Physician Group LLC, whichu is a group of more than 130-Hawaii based physicians. It is Hawaii’s only for-profity hospital system.