Latest news with #TinoLaSpina
Free Malaysia Today
27-05-2025
- Business
- Free Malaysia Today
Collapsed Australian hospital operator gets 10 non-binding offers, says CEO
Australia's health minister Mark Butler said there would be no taxpayer-funded bailout for the company. (EPA Images pic) SYDNEY : Australia's Healthscope has received 10 non-binding indicative offers in a sale process that would take eight to 10 weeks to complete, its CEO said after the nation's second-largest private hospital operator was put into receivership today. Creditors are seeking a sale of Healthscope's business aimed at recouping what local media said was about A$1.6 billion (US$1.04 billion) in debt. CEO Tino La Spina told a press conference there was buyer interest in taking over the business as a whole, while assuring its hospital operations would continue as usual. 'We're confident that there is interest in taking Healthscope business as a whole. We have 10 non-binding indicative offers,' he said. 'There will be a change of ownership. Receivers have been appointed to sell off Healthscope hospital assets. But from the point of view of doctors, nurses, staff and patients, there's nothing to worry about – it's just business as usual.' In a separate press conference, Australia's health minister said he sought assurances from Healthscope that medical operations would proceed. 'I had a conversation in the past half an hour with the CEO and I sought an assurance from him that the thousands of Australians who right now have a birth plan or knee reconstruction booked can be confident that procedure will go ahead as planned and is booked,' health minister Mark Butler said. 'I received that assurance from the CEO and I have to say I will hold the company and the receivers and administrators to the commitment given to me and to Australian patients and staff,' Butler said. He added there would be no taxpayer-funded bailout for the company. Healthscope operates 37 hospitals across the country. Its lenders voted to place the company into receivership after being given control earlier by private equity owner Brookfield. La Spina said the 'core issues' facing Healthscope included too much secured debt and high rentals. Commonwealth Bank of Australia has also provided receivers McGrathNicol with a new A$100 million funding package to support operations during the sale process, Healthscope said in a statement.
TimesLIVE
26-05-2025
- Business
- TimesLIVE
Collapsed Australian hospital operator Healthscope receives 10 non-binding offers, CEO says
Australia's Healthscope has received 10 non-binding indicative offers in a sale process that would take eight to 10 weeks to complete, its CEO said after the nation's second-largest private hospital operator was put into receivership on Monday. Creditors are seeking a sale of Healthscope's business aimed at recouping what local media said was about A$1.6bn (R18.6bn) in debt. CEO Tino La Spina told a press conference there was buyer interest in taking over the business as a whole, while assuring its hospital operations would continue as usual. 'We're confident there is interest in taking Healthscope business as a whole. We have 10 non-binding indicative offers,' he said. 'There will be a change of ownership. Receivers have been appointed to sell off Healthscope hospital assets. But from the point of view of doctors, nurses, staff and patients, there's nothing to worry about. It's business as usual.' In a separate press conference, Australia's health minister said he sought assurances from Healthscope that medical operations would proceed. 'I had a conversation in the past half an hour with the CEO and I sought an assurance from him that the thousands of Australians who have a birth plan or knee reconstruction booked can be confident the procedure will go ahead as planned and is booked,' said health minister Mark Butler said. 'I received the assurance from the CEO and I will hold the company and the receivers and administrators to the commitment given to me and to Australian patients and staff,' Butler said. He said there would be no taxpayer-funded bailout for the company. Healthscope operates 37 hospitals across the country. Its lenders voted to place the company into receivership after being given control earlier by private equity owner Brookfield. La Spina said the 'core issues' facing Healthscope included too much secured debt and high rentals. Commonwealth Bank of Australia has also provided receivers McGrathNicol with a new A$100m (R1,1bn) funding package to support operations during the sale process, Healthscope said.
The Advertiser
26-05-2025
- Business
- The Advertiser
Government bailout ruled out as private hospital giant enters receivership
Healthcare giant Healthscope will not get a government bailout after Australia's second-largest private hospital operator collapsed into receivership, the health minister has confirmed. Receivers from McGrathNicol Restructuring have been appointed after lenders voted to end their support of Healthscope's owner, Brookfield, on May 26. Federal health minister Mark Butler has called on Healthscope CEO Tino La Spina to ensure no disruptions for staff and patients as the healthcare group finds a buyer. "I sought an assurance from him that the thousands of Australians who, right now, have a birth plan or a knee reconstruction booked at a Healthscope hospital can be confident that that procedure will go ahead as planned and as booked," he said. Healthscope, which operates 37 private hospitals, has reportedly been unable to keep up with payments on its facilities. More than 19,000 people are employed by the healthcare provider, Mr Butler said. READ MORE: baby dies in childbirth at hospital as chief obstetrician investigates The group's hospitals were expected to remain open and operating on a "business-as-usual basis", Healthscope said. "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," Mr La Spina said. Around 650,000 Australians received surgery and care through a Healthscope hospital each year, the health minister said. The embattled healthcare company has asked lenders to take control of the board and the search for a new owner as it faces $1.6 billion in debt. The Commonwealth Bank has provided a $100 million funding package to McGrathNicol, in addition to Healthscope's current cash balance of $110 million, to support operations while it searches for a buyer. "The additional funding, while we do not anticipate it being required, provides additional support," Mr La Spina said. Healthcare giant Healthscope will not get a government bailout after Australia's second-largest private hospital operator collapsed into receivership, the health minister has confirmed. Receivers from McGrathNicol Restructuring have been appointed after lenders voted to end their support of Healthscope's owner, Brookfield, on May 26. Federal health minister Mark Butler has called on Healthscope CEO Tino La Spina to ensure no disruptions for staff and patients as the healthcare group finds a buyer. "I sought an assurance from him that the thousands of Australians who, right now, have a birth plan or a knee reconstruction booked at a Healthscope hospital can be confident that that procedure will go ahead as planned and as booked," he said. Healthscope, which operates 37 private hospitals, has reportedly been unable to keep up with payments on its facilities. More than 19,000 people are employed by the healthcare provider, Mr Butler said. READ MORE: baby dies in childbirth at hospital as chief obstetrician investigates The group's hospitals were expected to remain open and operating on a "business-as-usual basis", Healthscope said. "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," Mr La Spina said. Around 650,000 Australians received surgery and care through a Healthscope hospital each year, the health minister said. The embattled healthcare company has asked lenders to take control of the board and the search for a new owner as it faces $1.6 billion in debt. The Commonwealth Bank has provided a $100 million funding package to McGrathNicol, in addition to Healthscope's current cash balance of $110 million, to support operations while it searches for a buyer. "The additional funding, while we do not anticipate it being required, provides additional support," Mr La Spina said. Healthcare giant Healthscope will not get a government bailout after Australia's second-largest private hospital operator collapsed into receivership, the health minister has confirmed. Receivers from McGrathNicol Restructuring have been appointed after lenders voted to end their support of Healthscope's owner, Brookfield, on May 26. Federal health minister Mark Butler has called on Healthscope CEO Tino La Spina to ensure no disruptions for staff and patients as the healthcare group finds a buyer. "I sought an assurance from him that the thousands of Australians who, right now, have a birth plan or a knee reconstruction booked at a Healthscope hospital can be confident that that procedure will go ahead as planned and as booked," he said. Healthscope, which operates 37 private hospitals, has reportedly been unable to keep up with payments on its facilities. More than 19,000 people are employed by the healthcare provider, Mr Butler said. READ MORE: baby dies in childbirth at hospital as chief obstetrician investigates The group's hospitals were expected to remain open and operating on a "business-as-usual basis", Healthscope said. "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," Mr La Spina said. Around 650,000 Australians received surgery and care through a Healthscope hospital each year, the health minister said. The embattled healthcare company has asked lenders to take control of the board and the search for a new owner as it faces $1.6 billion in debt. The Commonwealth Bank has provided a $100 million funding package to McGrathNicol, in addition to Healthscope's current cash balance of $110 million, to support operations while it searches for a buyer. "The additional funding, while we do not anticipate it being required, provides additional support," Mr La Spina said. Healthcare giant Healthscope will not get a government bailout after Australia's second-largest private hospital operator collapsed into receivership, the health minister has confirmed. Receivers from McGrathNicol Restructuring have been appointed after lenders voted to end their support of Healthscope's owner, Brookfield, on May 26. Federal health minister Mark Butler has called on Healthscope CEO Tino La Spina to ensure no disruptions for staff and patients as the healthcare group finds a buyer. "I sought an assurance from him that the thousands of Australians who, right now, have a birth plan or a knee reconstruction booked at a Healthscope hospital can be confident that that procedure will go ahead as planned and as booked," he said. Healthscope, which operates 37 private hospitals, has reportedly been unable to keep up with payments on its facilities. More than 19,000 people are employed by the healthcare provider, Mr Butler said. READ MORE: baby dies in childbirth at hospital as chief obstetrician investigates The group's hospitals were expected to remain open and operating on a "business-as-usual basis", Healthscope said. "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," Mr La Spina said. Around 650,000 Australians received surgery and care through a Healthscope hospital each year, the health minister said. The embattled healthcare company has asked lenders to take control of the board and the search for a new owner as it faces $1.6 billion in debt. The Commonwealth Bank has provided a $100 million funding package to McGrathNicol, in addition to Healthscope's current cash balance of $110 million, to support operations while it searches for a buyer. "The additional funding, while we do not anticipate it being required, provides additional support," Mr La Spina said.
Time of India
26-05-2025
- Business
- Time of India
Healthscope in critical condition: Inside the collapse of Australia's second-biggest private hospital network
Healthscope , the second-largest private hospital network of Australia, has entered receivership with corporate restructuring firm McGrathNicol appointed to oversee the sale of its assets, raising serious questions about the future of private healthcare for thousands of Australians. But despite the financial collapse of its parent company, the group insists that patient care will continue without disruption and with no immediate impact on its 19,000 staff or patient care. The company operates 37 hospitals across the country, employing around 19,000 staff and treating over 650,000 Australians annually. Though its parent entity, owned by North American private equity firm Brookfield, has collapsed under financial pressure, the operational side of the business remains intact. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo 'We're still scrubbing in. Still showing up,' said one senior nurse in Melbourne. 'The uncertainty is real, but so is our duty to patients.' Brookfield, which acquired Healthscope for $5.7 billion in 2019, has seen its investment deteriorate. After selling off the hospital properties to trusts and failing to meet rent obligations, lenders, led by CBA, stepped in and appointed McGrathNicol as receivers. KordaMentha will represent Brookfield's interests during the sale. Live Events 'This is a receivership of the holding company, not the hospitals themselves,' said CEO Tino La Spina, who stressed that no hospitals will close and no staff will be laid off. 'All 37 of our hospitals continue to operate as normal,' he said. '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.' Currently available funds Healthscope has $110 million in cash on hand, and the Commonwealth Bank has provided an extra $100 million in funding to keep operations running smoothly while the business is sold. Ten indicative offers have already been received, some for the full business. Federal Health Minister Mark Butler said he received direct assurances from the CEO that every booked surgery, including childbirths and joint replacements, would proceed as scheduled. 'I will hold the company and the receivers to that commitment,' Butler said. Butler was clear that there would be no government bailout. 'This is an overseas private equity firm. They will not receive taxpayer support,' he said. 'Private hospitals receive nearly $8 billion a year in public subsidies. That comes with responsibility.' Healthscope insists the focus remains unchanged, despite the corporate upheaval: care will continue, and patients can proceed with confidence.
Reuters
26-05-2025
- Business
- Reuters
Collapsed Australian hospital operator Healthscope gets 10 non-binding offers, CEO says
SYDNEY, May 26 (Reuters) - Australia's Healthscope has received 10 non-binding indicative offers in a sale process that would take eight to 10 weeks to complete, its CEO said after the nation's second-largest private hospital operator was put into receivership on Monday. Creditors are seeking a sale of Healthscope's business aimed at recouping what local media said was about A$1.6 billion ($1.04 billion) in debt. CEO Tino La Spina told a press conference there was buyer interest in taking over the business as a whole, while assuring its hospital operations would continue as usual. "We're confident that there is interest in taking Healthscope business as a whole. We have 10 non-binding indicative offers," he said. "There will be a change of ownership. Receivers have been appointed to sell off Healthscope hospital assets. But from the point of view of doctors, nurses, staff and patients, there's nothing to worry about - it's just business as usual." In a separate press conference, Australia's health minister said he sought assurances from Healthscope that medical operations would proceed. "I had a conversation in the past half an hour with the CEO and I sought an assurance from him that the thousands of Australians who right now have a birth plan or knee reconstruction booked can be confident that procedure will go ahead as planned and is booked," Health Minister Mark Butler said. "I received that assurance from the CEO and I have to say I will hold the company and the receivers and administrators to the commitment given to me and to Australian patients and staff," Butler said. He added there would be no taxpayer-funded bailout for the company. Healthscope operates 37 hospitals across the country. Its lenders voted to place the company into receivership after being given control earlier by private equity owner Brookfield. La Spina said the "core issues" facing Healthscope included too much secured debt and high rentals. Commonwealth Bank of Australia ( opens new tab has also provided receivers McGrathNicol with a new A$100 million funding package to support operations during the sale process, Healthscope said in a statement. ($1 = 1.5337 Australian dollars)
