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Future Looks Grim For Charitable Hospitals

Law360 (January 27, 2006, 12:00 AM EST) -- Bankrupt Saint Vincent Catholic Medical Center of New York may have secured a $350 million loan from General Electric Healthcare Financial Services to help it stay afloat, but experts are predicting that charitable hospitals in general face an uncertain and bleak future.

The Saint Vincent deal, approved in November by Judge Prudence Carter Beatty in U.S. Bankruptcy Court for the Southern District of New York, represented the medical center's fourth debtor-in-possession financing package since filing for Chapter 11 last July.

The non-profit hospital group has been...
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