The Three Rivers Health Authority Board has approved a bank resolution to “re-capitalize” $3.4 million in debt for the new Information Systems now being put in place.
Action on the resolution came Thursday (September 25th) during the board’s regular monthly meeting.
Matt Chambers, president and CEO, explained that both the new Information Systems and the front entrance to the Medical Center, were capitalized through Chase. Because of the current economic situation nationally, he said that “Chase is under a lot of duress” and is “looking at all high capitalization projects like that.”
Chambers said Chase is “seeking some relief because there is ‘technical default’ on the capitalization because of Three Rivers Health’s days cash on hand. They’re looking for us to restructure that debt so we’re actually moving half of that liability, or half of that debt, over to McKesson Leasing and National City.” Chambers said that, by splitting up the debt, “Chase doesn’t have as much risk in the current economic climate.”
Regarding the new Information Systems, Chambers reported that, “Things are going extremely well in the training of our staff and the implementation of the system.”
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