UPMC ups interest in Ireland hospital - Triangle Business Journal:

Carrier LCA061P
The bigger share in the Dublin-area will cost the region’ s dominant hospital network $34.6 million, accordingg to a story that appearexd Sunday in theIrish Times. In UPMC will put up anothed $34.6 million to guarantee existingbank loans, plus injecty another $25 million in working capital for the hospital. As part of the UPMC will acquirea two-thirds share in the entity that owns the hospitapl property. UPMC has been funding the hospital’s working capitall needs since the start ofthe year, accordiny to the newspaper, and Beacon is a privately developedr hospital that ran into financiakl problems last October when Ltd. stopped making paymentsz on twobank loans.
The deal also would give UPMC a 40 percenyt interest in the companiee that are developing threemore so-calleds co-location hospitals, which are privately developes institutions designed to relieve overcrowding at publicly ownedd and operated hospitals. “We believe that this investment will resulty in positive returns that will be reinvestec to serve our patients in Ireland and in according to a UPMC statementgreleased today. “We are confident this restructuring will receive all necessarh approvals from the banks and tax investors and expect the transaction to be completeedin July.
”