Latest news with #Spina
7NEWS
26-05-2025
- Business
- 7NEWS
Australia's second-largest private hospital group Healthscope goes into receivership amid debt concerns
Healthscope, the private operator behind the troubled Northern Beaches Hospital, has gone into receivership after its lenders withdrew support for the current owner. The major private health group confirmed the news on Monday, saying its lenders have appointed McGrathNicol Restructuring to oversee the sale of the company's assets as they seek to recover their loans. Owned by Canadian asset management giant Brookfield, Healthscope is Australia's second-largest private hospital group, now burdened by $1.6 billion in debt. The receivership applies only to Healthscope's non-operating parent entities, with hospital operations continuing unaffected. Healthscope's management team, led by CEO Tino La Spina, remains in place to oversee daily operations. Spina assured the move will not affect hospital operations or patients, citing the current cash balance and additional funding. 'All 37 of our hospitals continue to operate as normal and today's appointment of receivers, including the additional funding, ensures a stable path to a sale, with no impacts on any hospitals, staff or patients,' he said. 'The additional funding, while we do not anticipate it being required, provides additional support.' Healthscope said it currently holds a cash balance of $110 million and has 'substantial additional asset backing across the group'. In addition, the Commonwealth Bank will provide $100 million to support the business, while Westpac has agreed to continue assisting the receivers in the sale process. 'There is no interruption to the outstanding care we provide. Our incredible teams are all working as normal, providing the high standard of care they always have,' Spina added. McGrathNicol partner Keith Crawford echoed those assurances. 'Our immediate focus is to engage constructively with all key stakeholders to ensure uninterrupted operation of Healthscope hospitals and continuity of best practice standards of patient care,' Crawford said. He said the plan was to transition all hospitals to new ownership, with no plans for closures or redundancies of the provider's 18,000 employees. KordaMentha has been appointed as administrator to the same non-operating entities, in a move the company describes as standard practice. The Australian Medical Association (AMA) says it is ready to work with receivers to ensure Healthscope hospitals continue operating smoothly. AMA President Dr Danielle McMullen said the federal government is expected to play a key role in supporting the transition and maintaining the hospital network. Healthscope owns Northern Beaches Hospital in Sydney, Hobart Private Hospital, Darwin Private Hospital, and Knox Private Hospital in Melbourne. It came under scrutiny following the death of two-year-old Joe Massa at the Northern Beaches Hospital in September 2024. The toddler died after being wrongly triaged and waiting two hours for a hospital bed. He was later transferred to Sydney Children's Hospital in Randwick following a cardiac arrest but succumbed to brain damage. Joe's parents, Elouise and Danny, have been vocal advocates, calling for Healthscope to step aside and urging the government to address the crisis. Elouise said the receivership provides the NSW Government with the opportunity to bring Northern Beaches Hospital back under public control. 'Healthscope's move into receivership marks the end of a disastrous attempt by Canadian private equity firm Brookfield to profit from the care of sick and injured Australians,' Elouise said in a statement. 'We have witnessed first-hand the tragedy that unfolded when Healthscope and Brookfield prioritised profit over patient care — resulting in the avoidable death of our beloved Joe after we took him to Northern Beaches Hospital, where he should have recovered, but did not.' 'This moment presents the NSW Government with a renewed opportunity to return Northern Beaches Hospital to public hands.'
Business Journals
25-04-2025
- Business
- Business Journals
Shuttered Riverview Restaurant in South Jersey sold, will be rebranded under new owners
By submitting your information you are agreeing to our Privacy Policy and User Agreement . Join the Philadelphia Business Journal to unlock even more insights! The new owners of the Burlington County restaurant are looking to elevate the local dining scene with their new concept, called Revell Hall. The shuttered Riverview Restaurant & Bar in South Jersey has been sold to a group of hospitality industry veterans planning a total overhaul. The restaurant and bar, located at 219 High St. in Burlington, was acquired by partners Andrew Palmieri, Robert Spina, Joey Sergentakis and Ryan Held in March, Spina told the Business Journal. He declined to disclose the cost of the acquisition, and the sale price is not yet recorded in property records. Spina will serve as the restaurant's managing director, while Sergentakis will be the head chef. Spina opened Italian restaurant Boschetto in Montclair, New Jersey, in August 2023 with his brother-in-law Held and Sergentakis. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Palmieri, who has a background in finance, brought the trio onto the Burlington project when former owner Adrian Thomas began looking to sell Riverview Restaurant & Bar. The business closed late last year after operating solely as an event venue in 2024, according to Robert Gillis of Bielat Santore & Co., who marketed the property for sale. Thomas purchased the building for $600,000 in 2014, property records show, and opened Riverview in early 2017. expand The Burlington restaurant and bar spans 10,000 square feet across two floors. Robert Gillis The new owners plan to completely renovate and rebrand the restaurant as Revell Hall, named after Thomas Revell, a 17th-century Burlington resident who owned the Revell House, the oldest building in Burlington County. The reimagined restaurant will have new furniture, lighting and cuisine. Revell Hall will serve what the owners are calling "new American fare," according to Spina. The menu will feature international influences including French, Asian and Italian. The 10,000-square-foot, two-story restaurant has a dining room and bar on each level. It also features a sunroom, lounge, meeting room and outdoor courtyard, according to Gillis. Spina said Revell Hall will likely seat between 200 and 250 people when it is finished. He added that the restaurant's size, including its large outdoor patio facing the Delaware River, gives it the infrastructure needed to maintain a robust events business in addition to regular restaurant service. 'Not only do we have a lot of seats inside, we'll be able to really focus on large-scale events on the patio, full buyouts between outside and in,' Spina said. expand The property's new owners plan to utilize the patio for a la carte dining and events. Robert Gillis The partners plan to open Revell Hall in phases, starting with the first floor in June. Spina said they hope to have the second floor open and the events side of the business up and running by the end of the year. Revell Hall will initially be open Wednesday to Sunday for dinner. Spina said it will eventually add breakfast and lunch service and could ultimately be open six days each week. The restaurant is expected to have 30 to 40 full- and part-time employees. Spina said he believes Revell Hall will help elevate the Burlington dining scene. 'It will bring a real, complete restaurant brand. So everything you [see], feel, touch, smell and taste will be deliberate,' Spina said. Sign up here for the Philadelphia Business Journal's free newsletters, and download our free app for breaking news alerts.
Yahoo
23-03-2025
- Business
- Yahoo
If you missed out on gold's record run, take a look at silver
When it comes to investing in precious metals, silver might be an afterthought, given gold's run to record intraday highs 15 times so far this year. But the white metal could soon steal the spotlight in what one analyst said may be a 'powerful' run to its highest price on record. 'In their last days, our parents changed their will': They left me $250,000, but gave my sister $1 million. What should I do? Even Wall Street's most committed bears expect a stock-market rebound 'They hate our generation': My son and daughter-in-law want us to sell our house — and move to Oregon to start a commune I'm 40, earn $190K a year, but I look 50 due to stress, trauma and illness. Am I crazy to spend $20K on cosmetic surgery? 'My daughter harasses me and wants to know where I go': She's after my money. How do I protect myself? 'Silver is a hidden, precious gem that should be considered by investors looking for opportunity to play gold and silver bull markets,' said Peter Spina, founder and president of investor websites and For now, silver SI00 SIK25, which is a much smaller market in terms of trading volume, has lagged the rise in gold GC00 GCJ25. Gold topped $3,000 an ounce on Comex this month for the first time ever, and has tallied 15 record intraday highs so far this year, according to Dow Jones Market Data. Silver, meanwhile, settled Friday at $33.49 an ounce, over $15 below its all-time settlement high of $48.70 from Jan. 17, 1980. Adjusted for inflation, that record high would be $199.73. Read: Gold has already topped $3,000. Here's what it needs to go up another 16%. Year to date, silver was up 14.5% — barely above gold's climb of 14.4%. Silver prices have been dragged higher by gold's climb, as shown in the gold-to-silver ratio, which continues to trade above 90 troy ounces of silver for 1 precious gold ounce, said Spina. This is 'in the extreme' from a precious monetary perspective, he noted, but silver tends to lag gold in big bull-market runs. Trevor Yates, senior investment analyst at Global X, believes that the most notable aspect of silver right now is 'just how inexpensive it is relative to gold.' The ratio between the two metals has averaged around 70 ounces of silver to 1 ounce of gold since the late 1980s, according to a January report from Sprott, which said the current high ratio indicates that silver is undervalued relative to gold. Don't miss: Should you invest in gold miners or gold itself? Check out these ETFs. Silver prices tend to lag gold prices until 'market excitement comes and sees investors and speculators flood into the tiny silver market, and explode the price higher and faster than gold,' Spina said, suggesting that the time for that may be near. Silver has a lot of catching up to do, he added, and 'fundamentals in the market right now are really in favor of igniting a much more serious and powerful run in silver prices over the coming months.' The global silver market is forecast to record a significant supply deficit for a fifth straight year in 2025, according to the Silver Institute. It expects this year's global silver supply to reach an 11-year high of 1.05 billion ounces, with silver-mine production projected to reach a seven-year high. That would still fall short of global demand, which is expected to remain 'stable' but, at 1.2 billion ounces, would outpace supply. Net disinvestment — defined as a withdrawal of investment — from Western silver exchange-traded fundholders had helped to keep silver prices under control despite the years-long structural deficit for silver, said Spina. Now that ETF selling has flipped into buying, investing in silver is returning, with strong investment demand meeting the historic demand for industrial silver needs. '[The] use of silver is everywhere in our modern lives,' Spina noted, and even more so with increased demand from green-energy applications. In its report released in late January, the Silver Institute said investor sentiment had improved toward silver early in 2025, largely due to macroeconomic and geopolitical risks which have underpinned inflows into safe-haven assets. It warned, however, that potential tariffs under the Trump administration and their impact on global economic growth, especially in China, would likely 'restrain investor enthusiasm across the broader industrial metals complex.' That, in turn, may be the 'key drag on silver investing in the coming months, even though silver's actual industrial demand is expected to remain robust,' the Silver Institute said. Against the backdrop of tariff worries, the precious-metal market has not only seen big imports of gold but also of silver into the U.S., Spina observed. Read: Why there's now 'incredible demand for physical gold' in New York markets 'There is an urgency to get cheap silver, but tariffed silver [would lead to a] significant jump in the final price,' he said. 'There is a real rush to get access to untaxed physical silver into the U.S. That places real pressures on existing supplies.' Spina added that there are short positions that may panic as well, in which case 'suddenly a true silver-squeeze scenario occurs.' In such a scenario, the price of silver 'could really take off.' Global X's Yates said he's positive on silver and expects it to benefit from any rebound in global industrial and manufacturing activity, while demand for silver in solar panels remains robust. In terms of opportunity for investors, he said Global X has a preference for metals miners, which offer more leverage to a change in the underlying commodity prices. The Global X Silver Miners ETF SIL provides investors with a 'diverse set of holdings, reducing idiosyncratic production risks associated with individual companies,' Yates said. In terms of silver prices, Spina said that in a more orderly market, without a short squeeze, the price of silver looks ready to 'head up to and likely well over $40 an ounce in the coming months, with the price accelerating to and past $50 an ounce under a real rush for supplies.' There's also a possibility that a rush for supplies leads to some sort of scenario where a 'frenzy of buyers spike the price into a much more dramatic rise' toward $75 to $100 an ounce, he noted. 'Real physical-price squeeze potential is building.' But the more likely scenario, he said, is $40 to $50 by the end of this year. My wife and I found two stocks with a 20% return. We have $75,000. Should we invest it in the S&P 500 or individual stocks? 'I'll retire when I'm dead': My 401(k) lost $50,000 in the market turmoil. I'm in my early 40s. What should I do now? I'm 63 and planning to retire. I watched in horror as the markets tanked. Will I have enough to get me to my 90s? I met a friend for lunch. When the check arrived, she said, 'Thank you so much for paying!' Was I taken for a fool? My stepmother inherited 100% of my father's estate. She's leaving everything to her two kids. Is that fair? Sign in to access your portfolio
Washington Post
21-02-2025
- Washington Post
He's a hurricane rescue who beat cancer and inspired a bill. Meet Trooper.
As Hurricane Milton struck Florida's west coast in October, Frank Spina couldn't stop watching a viral video of an abandoned white dog tied to a pole off Interstate 75. The scared bull terrier, who was saved by a state trooper, reminded Spina of his former canine companion who had died a few months earlier.
Yahoo
30-01-2025
- General
- Yahoo
Iconic images by legendary Free Press photographer Tony Spina capture Michigan history
For more than four decades, former Detroit Free Press Chief Photographer Tony Spina captured some of the most iconic moments in the city's history. Spina worked at the paper from 1946 through 1988, covering figures such as Martin Luther King Jr. and John F. Kennedy. He also documented the 1967 Detroit riots, providing powerful images of the city's turmoil. He also covered the city's sports teams, multiple Olympics and photographed all the U.S. presidents from Harry Truman to Bill Clinton, as well as four popes. In honor of Spina, who died 30 years ago this month, The Free Press has carefully curated 38 iconic photos taken by Spina, featuring Michigan history over the course of several decades. You can view the photo gallery at the top of this story. In 1995, just after Spina's death, Free Press publisher Neal Shine was quoted in the paper: "Tony cared as much about his work and his newspaper as any person I have ever met." He went on to say: "He was as exceptional a human being as he was a photographer, and he left a photographic legacy that is equaled by few. Only a person with a heart and soul like Tony Spina could ever make the kind of pictures he did." Widely regarded as one of the greatest photojournalists of his time, Spina was the recipient of over 450 state, national, and international awards for his photography. In 1989, he was inducted as the first photojournalist in the Michigan Journalism Hall of Fame. Spina died on Jan. 19, 1995 at his home in Bloomfield Hills. He was 80. Follow the Detroit Free Press on Instagram (@detroitfreepress), TikTok (@detroitfreepress), YouTube (@DetroitFreePress), Twitter/X (@freep), and LinkedIn, and like us on Facebook (@detroitfreepress). This article originally appeared on Detroit Free Press: Photos by former Free Press photographer Tony Spina capture Michigan
