Statement from Governor Paterson Regarding Progress in the Effort to Assist Saint Vincent's Medical Center

• by New York State Office of the Governor

Governor David Paterson today announced progress in the effort to assist Saint Vincent's Medical Center. The Governor made the following statement:

"Since I called together all stakeholders earlier this week to address the crisis at Saint Vincent's, there have been hours of intensive discussions and calls between all parties, including the crisis management team at Saint Vincent's, the sponsors, secured creditors, unions, elected officials, and the State.

"These discussions continued into last night and today, and the State and the secured creditors, GE Capital and TD bank, have been able to put together a package that will assist in sustaining the operations of the hospital through the end of the month contingent upon the combined assistance from sponsors, unions and hospital management. I have committed to lend another $3 million, in addition to the $6 million lent last week. The secured creditors, GE Capital and TD Bank, have agreed to match the State's $3 million. We believe this assistance, if combined with assistance from the sponsors, concessions from the unions, management, and physicians, cost cutting actions and aggressive cash management will allow Saint Vincent's Medical Center the time needed to develop short term and long term plans for the future. Despite this additional commitment of State funds, ensuring continued progress toward a long-term solution for Saint Vincent's will require shared sacrifice from all parties as we work together to meet the community's health care needs."

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