UPMC ups interest in Ireland hospital - Pittsburgh Business Times:

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The bigger share in the Dublin-areq will cost the region’s dominantg hospital network $34.6 million, according to a storyu that appeared Sunday in theIrish Times. In UPMC will put up another $34.65 million to guarantee existingbank loans, plus inject another $25 million in working capital for the As part of the deal, UPMC will acquirs a two-thirds share in the entit y that owns the hospital property. UPMC has been funding the hospital’s working capital needs since the start of the according tothe newspaper, and Beacon is a privatelhy developed hospital that ran into financial problems last Octobet when Ltd. stopped making paymentsw on twobank loans.
The deal also woule give UPMC a 40 percent interest in the companies that are developingt threemore so-called co-locatiobn hospitals, which are privately developed institutions designed to relieved overcrowding at publicly owned and operated “We believe that this investment will result in positivde returns that will be reinvested to serve our patienta in Ireland and in Pittsburgh,” accordinv to a UPMC statement releasedc today. “We are confident this restructuring will receivew all necessary approvals from the banke and tax investors and expect the transactiom to be completedin July.
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