Latest news with #Parkview
Business Times
16-05-2025
- Business
- Business Times
Distressed Hong Kong builder Parkview gets private loan from PAG
[HONG KONG] Hong Kong's Parkview Group has obtained a HK$300 million (S$50 million) private credit loan from investment firm PAG, according to a source familiar with the matter, as banks grow reluctant to extend funds to the cash-strapped developer. The bridge loan carries a nine-month tenor and offers a yield in the low-to-mid-teens, sources familiar with the matter said, asking not to be identified discussing private matters. PAG's funding could be a relief for the company as it struggles to refinance its existing bank borrowings, they said. Several existing lenders of Parkview, including Nanyang Commercial Bank and other Hong Kong and mainland Chinese banks, have been looking to reduce their exposure to the developer, the sources added. Since late last year, the company has been in talks for private credit funding of at least HK$2.8 billion, offering two residential towers, parking spaces at one of its developments and others as collateral. But it's unclear if any of the mentioned assets, which include the apartment complex Hong Kong Parkview, were offered as security in PAG's loan. PAG declined to comment, while Parkview did not respond to a request to comment. The deal highlights the broader troubles facing Hong Kong's property market. The city has been grappling with a sluggish economy and a shift in demographics that have weighed on home prices, which declined by about 28 per cent from their peak in 2021, according to data from Centaline Property Agency. But Parkview's challenges extend beyond Hong Kong. In March, the company avoided a technical default on a US$940 million loan backed by a Beijing shopping mall complex. It is still in talks with banks to refinance the borrowing, which is set to mature in August, according to other sources familiar with the matter. BLOOMBERG
Yahoo
09-04-2025
- Business
- Yahoo
Boards vote in favor of to begin transition of LMH into Parkview Logansport Hospital
The Logansport Memorial Hospital board, the Cass County Commissioners and Cass County Council voted unanimously in favor of a transfer agreement between LMH and Parkview Health System Monday night during a public hearing at the Cass County 4-H Fairgrounds. With the acceptance of the transfer agreement, LMH now has a goal of transitioning to Parkview Logansport Hospital by June 30. The agreement between LMH and Parkview Health System, which is headquartered in Fort Wayne, allows for all of LMH's assets and liabilities to be transferred to Parkview Logansport Hospital. After the transfer is complete, LMH would cease doing business as a county hospital and terminate and dissolve. All in accordance with Indiana Code 16-22-3-18. Parkview Logansport Hospital would take over the assets and liabilities as well as operation of the hospital. Richard Church, chief growth and strategy officer at Parkview Health, said that Parkview would invest approximately $37 million into the Logansport hospital and the community. He said Parkview would pay back a $3 million loan the county had given LMH as well as other outstanding debt the hospital had accrued. Parkview will invest a minimum of $15 million into new equipment for the hospital and $10 million into converting to the Epic medical record system. The public hearing consisted of two presentations, one by Tara McVay, president and CEO of Logansport Memorial Hospital, and one by Church. After the presentations, audience members had an opportunity to ask questions and express concerns—of which only a limited number of people did—and then the three boards voted to approve the transfer agreement. 'I think it's nice to have a plan,' McVay said after the hearing. 'I've been a long-term employee at the hospital. I've been here just under 28 years. I love the hospital and being a community hospital is important to me but then I had to stop and think about what is important to me. Continuing to have quality care, continuing to have multiple core service lines and continuing to take care of our employees. This is what I care about the hospital and the community.' McVay said they will evaluate the hospital over the next two-and-half months alongside Parkview to determine how the transition will work and what it means for the community. She expected the transition to take from 12 to 24 months to be completed. During her presentation, McVay focused on the difficulties the hospital had encountered over the past few years. 'We've had the quality care,' she said. 'We've provided the service. We continue to keep our service lines open to make sure we are providing that care but we struggled significantly with financial resources to do that.' McVay said the hospital averaged approximately 3.5 million in available cash for operations, which equals about 12 to 16 days. She said that if money stopped coming into the hospital, then they would only be able to pay their bills for 16 days. Throughout 2024, the hospital lost on average nine thousand dollars a day, she said, adding that the loss had improved from the prior two years but was still too much. 'We are a very important part of this community,' she said. 'We employ many people. We are an important economic fabric of this community. We need to have better financial stability.' Because of those financial difficulties, the hospital had not been able to upgrade equipment over the past few years though it did have to make some building improvements over that time. Another contributing factor included Medicaid reimbursements having not increased in 30 years, she said. 'We have been surviving for the last several years,' McVay said. 'Our employees, our community, our health care system in this area deserves to thrive.' McVay ended her presentation buy showing how LMH's and Parkview's values aligned in terms of the supporting rural health care, valuing quality care and operating as nonprofit hospitals. Following McVay's presentation, Church presented on how a partnership with Parkview would benefit the hospital. Church said that Parkview serves a 22 county region that extends into many rural areas. 'This is kind of core to who we are,' he said. 'This is what we believe part of our system's mission is—to be one of the best systems in the country to delivering health care in rural communities.' Church said one of the advantages of being a larger hospital system is being able to overcome disruptions such as COVID or unexpected Medicaid cuts on the state or federal level. He said such an unforeseen turn could cause a hospital like LMH to have to close its doors due to the small amount of cash it has on hand. He said the size of the Parkview Health system would help bring financial stability to the Logansport hospital and assist them in riding out any complicated periods or shake ups. Church said the primary goals of Parkview would be strengthening the Logansport community through new market growth, ensuring continued high quality local access to care, sustaining employment, stabilizing financials and helping the Logansport hospital do more by being more efficient. 'You will still have community representatives from your local community that are on the board at the hospital,' he said. '(Parkview) will have a couple of people that will join and at the health system level we will provide some oversight but you will still have local folks that you can sit down with.' 'Logansport is a fantastic community with an incredible team of caregivers at its hospital,' said Dr. Ray Dusman, Parkview Health President of Physician and Clinical Enterprise, said in a press release Tuesday morning. 'As not-for-profits, our organizations are charged with caring for and reinvesting in our communities, and we are eager to work together to make an impact.'
Yahoo
26-03-2025
- Health
- Yahoo
Why Aldi Once Recalled More Than 130,000 Pounds Of Turkey Sausage
Aldi is beloved by shoppers for its low prices and quality products, but like any grocery seller, the chain isn't perfect and has faced its share of product recalls. A prominent one came in 2024, when the chain was forced to recall over 130,000 pounds of turkey sausage. The reason was concerning but not entirely outlandish: bone fragments contaminating the meat. The 133,039 pounds of ready-to-eat sausage were sold under the Parkview brand name as "turkey Polska kielbasa." Both the company and the USDA received multiple complaints about the issue before the January 2024 recall, including one instance of injury. Neither Aldi nor the feds provided details on how the contamination may have happened. Aldi's recall announcement noted that the 13-ounce packages were sold in 35 states and Washington, D.C. and advised shoppers to discard or return them for a full refund. With a use-by date of April 2024, the product has long expired by now. However, any remaining packages which may have been frozen by consumers for later use should be thrown out, so check your freezer. Read more: False Things You Believe About Shopping At Aldi Although there's no doubt this was among the biggest turkey recalls in U.S. history, it's crucial to keep this incident in context. Aldi's recall was just a tiny fraction compared to the nearly 12 million pounds of BrucePac turkey products recalled in 2024 over listeria concerns. Still, it's also almost ten times the volume as a 2021 recall of over 14,000 pounds of Butterball ground turkey contaminated with plastic. Nevertheless, it's solidly among the biggest food recalls in Aldi history, which have ranged from salads to sandwiches to frozen items. Aldi's turkey sausage was one of around 300 U.S. food recalls in 2024 and part of just 4.1% involving foreign materials contaminating products. Fortunately, the USDA described the single injury from this recall as "minor," but those affected by other recalls haven't been so lucky. Nearly 500 people were sent to the hospital by food recall-related issues in 2024, including 19 who eventually died. To be sure, Aldi typically offers excellent deals and quality store-brand products, including some, like Benton's Chocolate Chip Cookies and Burman's Ketchup, that are better than the originals. Still, the store is vulnerable to the same issues as any other food distributor, making it worthwhile to keep an eye on active recalls to stay safe and healthy. Read the original article on Mashed.
Yahoo
20-03-2025
- Sport
- Yahoo
Parkview falls to Summit Christian in state semifinals
COLUMBIA, Mo–At the Missouri state high school basketball tournament, the Parkview Vikings took on Summit Christian out of the Kansas City area in a Class 5 boys semifinal. It's been 44 years since the Vikings have been to a Final Four. And great start for the Vikings, Khasey Highley with the three and the foul, it was 18-14 Parkview. Then in the second quarter, Carlitos Sanchez with the hoop, 24-22 Vikings. Parkview led by four at the half. Summit Christian stormed back in the third quarter, Grady Ellerman with the three, and it's 49-39 Eagles. Ellerman is a freshman, and was hitting from three point land in the fourth quarter. He finished with 23 points and Summit Christian beats Parkview 69-60. The Vikings will play Westminster for third place Thursday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Bloomberg
11-03-2025
- Business
- Bloomberg
Clock Ticks on Beijing Property Loan in Latest Sign of Turmoil
Welcome to The Brink. I'm Apple Ka Ying Li, a reporter in Hong Kong, where I've been reporting on Parkview amid the ongoing financial pressures facing Chinese commercial real estate. We also have the latest on Ardagh, Sunnova, Mitel and Trump's impact on credit spreads. Follow this link to subscribe. Send us feedback and tips at debtnews@ The clock is ticking for Parkview Group 's iconic mall complex in Beijing, which faces a potential default on a $940 million loan tied to the complex.
