HUMC Holdco Committed to Saving and Improving New Jersey’s Oldest Hospital

HOBOKEN, N.J.--(BUSINESS WIRE)-- This evening, the Official Committee of Unsecured Creditors (“Committee”) in the Hudson Healthcare, Inc. bankruptcy voted to approve the sale of Hoboken University Medical Center (“HUMC”) to HUMC Holdco, LLC and to approve a global settlement by and among the City of Hoboken, the Hoboken Municipal Hospital Authority (“HMHA”), HUMC, and the Committee. This decision, which will save New Jersey’s oldest operating hospital, comes after months of HUMC Holdco working closely with the HMHA, the Department of Health and Senior Services, and the NJ State Health Planning Board, which formally recommended approval of the Certificate of Need for the transfer of ownership.

HUMC Holdco remains committed to being fair to its employees and as of today, 1,124 HUMC employees have accepted offers to continue to serve the community at HUMC following the transition of ownership to HUMC Holdco, which represents a 99% acceptance rate.

HUMC Holdco is looking forward to making the critical investments in Hoboken’s only community hospital to facilitate its success, improve patient care and ensure its position as a lifeline, both physical and financial, to the Hoboken community and its surrounding neighborhoods. HUMC Holdco announced earlier this month that they have reached an agreement with Horizon Blue Cross Blue Shield, New Jersey’s largest health insurance provider, allowing HUMC to remain in-network with Horizon following the transition of ownership to HUMC Holdco.

HUMC Holdco appreciates the ongoing support of Mayor Zimmer and the City of Hoboken, the State of New Jersey and Governor Christie, HMHA Chairwoman Tomarrazzo, and current members of the HMHA and HUMC Boards. Most importantly, HUMC Holdco is grateful for the support and loyalty of the physicians, current HUMC employees who have dealt with the stress of the bankruptcy and an uncertain future, and the community of Hoboken.

CONTACT:

HUMC Holdco, LLC
Anna Tenuta, 646-673-5735
atenuta@hellermanbaretz.com

KEYWORDS:   United States  North America  New Jersey

INDUSTRY KEYWORDS:   Health  Hospitals  Professional Services  Finance  General Health

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