Latest news with #FoundationforDelawareCounty
CBS News
20-03-2025
- Business
- CBS News
Crozer Health deal to save Delaware County hospitals in jeopardy, sources say
A bankruptcy judge has called for an emergency hearing in the Crozer Health system Chapter 11 case . The hearing was underway Thursday afternoon in Dallas, Texas. This comes after a board member for the Foundation for Delaware County sued for an emergency injunction to effectively block the use of foundation funds to keep the Crozer system running. A judge granted the preliminary injunction this morning. Sources say this move could jeopardize a long-term deal to keep the health system operating. An attorney who filed the suit tells CBS News Philadelphia the foundation at a private meeting was "coerced" into handing over $7 million, which attorneys said funded an additional payroll of hospital staff at Crozer-Chester Medical Center and Taylor Hospital. Pennsylvania Attorney General Dave Sunday said in an email to CBS News Philadelphia: "I am grateful the bankruptcy court recognizes the urgency of this matter and has ordered all parties back to the table to solidify a path forward. This senseless act of gamesmanship from the Foundation for Delaware County is yet another obstacle to overcome in efforts to keep the Crozer system open. However, we remain committed to helping the people and families who depend on the system and the hard-working professionals who serve the community." A spokesperson for Penn Medicine, which was part of the conversations about Crozer's future, said: "For more than a year as Prospect Health's financial situation has deteriorated, Penn Medicine has advocated to form a consortium of non-profit hospitals, foundations, and county and state officials to ensure continued health care for patients in southern Delaware County." "This is crucial work which can only be accomplished through a collective plan with financial and operational support from numerous partners," the spokesperson said. "We remain committed to working toward potential solutions in partnership with others." This is a developing story and will be updated as more information comes into the newsroom.
Yahoo
20-03-2025
- Business
- Yahoo
Crozer Health deadline to find buyer approaches: "Heading in the right direction"
The Brief Two Delaware County hospitals will remain open until late March after a "short-term" funding solution was announced. The non-profit "Foundation for Delaware County" will provide $7 million to Crozer Health System to help cover operating expenses for one more week. A long-term solution is being sought to continue to provide hospital services. PHILADELPHIA - A plan for Crozer Health to find a buyer looms. However, after a court hearing Wednesday, there might be some good news coming. What they're saying A Texas bankruptcy judge said she was "relieved" Wednesday afternoon after she heard an update about a possible sale of the ailing Crozer Medical System of Delaware County. On I-95 looming above the Crozer Medical Center, a billboard tells the story of the fight to save the ailing health system. Put up by the nurses' union, it warns, "time is running out" to save Delaware County's Crozer and Taylor Hospitals. On Wednesday, some good news came out of a Texas bankruptcy court. Nurses union leader Peggy Malone was asked what she will tell her members about that hearing. "That we'll remain cautiously optimistic," Malone said. "That we'll continue to give great quality care inside this building and take it as a great sign of hope." "Cautiously optimistic" are the exact words an attorney with the Pennsylvania Attorney General told the bankruptcy judge this afternoon about a possible sale of the hospitals to a white knight, healthcare buyer. An attorney for the former for-profit owner, Prospect Medical Holdings of California, told the judge he's "more optimistic" about the possible sale, adding, "they're not there yet." Union leader Malone says 900 nursing jobs hang in the balance. "It's been a roller coaster up and down good news and we hear bad news. Today definitely sounds like good news, heading in the right direction with good news," she added. Prospect, in bankruptcy, had threatened to close the hospitals until an infusion of millions in state, local and foundation cash tossed a temporary lifeline. A source with knowledge tells FOX 29 the talks are focused on a large, Philadelphia-based healthcare provider. The Source The information in this story is from Nurses union leader Peggy Malone and details from a Texas bankruptcy court hearing.
CBS News
19-03-2025
- Business
- CBS News
Plans to save Crozer Health system in Pennsylvania are "pointing toward a good solution" after potential shutdown
Attorneys involved in trying to negotiate a long-term plan to save the Crozer Health system just signaled positive movement in negotiations telling a bankruptcy judge that hundreds of calls and meetings are pointing toward a good solution. Additional funding provided by the Foundation for Delaware County of $7 million allowed for one additional payroll, leaving the hospitals with an operational deadline of next Wednesday. At a lengthy hearing Thursday, a deputy attorney general told the court: "This is a very complex dance, and are cautiously optimistic we will have a long-term plan." Attorneys said there is an agreement for additional funds from the commonwealth and are hoping for a final plan to present to the court next week. Crozer parent company Prospect Medical Holdings filed for Chapter 11 bankruptcy on Jan. 11. The health network was bailed out in February with a cash infusion from the state and Delaware County for a combined $20 million. That money ran out in March, with the foundation coming to the table with an additional $7 million.
