For-profit Hawaiian hospital system files bankruptcy plan

NEWS IN BRIEF — Posted April 13, 2009

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Hawaii's only for-profit hospital system plans to convert its HMC East hospital in Liliha to a nonprofit later this year as it tries to emerge from Chapter 11 bankruptcy. Its other hospital, the more profitable HMC West in Ewa Beach, will remain a for-profit.

On March 30, HMC asked the U.S. Bankruptcy Court in Honolulu to reduce the $46 million it owes to St. Francis Healthcare System of Hawaii for the two hospitals and $14 million for the land lease. HMC purchased the hospitals from St. Francis in January 2007 for $67.9 million. It filed bankruptcy in August 2008 after its lender refused to extend existing loan agreements for the two hospitals.

HMC is a partnership of CHA Hawaii, an affiliate of Cardiovascular Hospitals of America, a hospital management company, and the more than 130 physicians in Hawaii Physician Group LLC.

Note: This item originally appeared at

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