Florham Park partner Frank Velocci was quoted in an article posted on NorthJersey.com, titled, "Judge approves sale of St. Mary’s Hospital in Passaic," regarding the sale of St. Mary's Hosptial to a for-profit chain from California, guaranteeing the survival of Passaic's sole hospital and providing a foothold for Prime Healthcare Service Inc. in New Jersey.
The article discusses the dire need for St. Mary's to find a buyer, given their financial status ever since emerging from bankruptcy in 2010. "St. Mary’s had looked for a buyer or capital partner since emerging from bankruptcy...The hospital even tried to maintain its Catholic identity in a deal with the for-profit Ascension Health Care Network of St. Louis, but the sale never proceeded." said Frank.
Frank also noted that the hospital chain has never closed or sold a hospital in 15 years of operation.
Click the link below to read the full article.