Phoebe Putney discusses Americus, Palmyra
Wed, 02 Feb 2011 23:54:44 GMT —
The Board of Directors of Phoebe Putney Hospital held its monthly meeting today.
Board members received updates on finances, staffing, and Phoebe's two major projects currently underway â" the construction of Phoebe Sumter in Americus and the controversial acquisition of Palmyra Hospital.
Phoebe CEO Joel Wernick said he expects Phoebe Sumter to be completed in December.
He predicts the Palmyra deal will be finished later this month.
"The Palmyra transaction is waist deep in legal and contractual reviews that are part of the due diligence of any major acquisition of this nature," said Phoebe CEO Joel Wernick. "We're eager to move this towards an ultimate closing in February."
In a separate meeting, the Albany-Dougherty Hospital Authority approved various resolutions relating to the Palmyra purchase.
It also called for Phoebe to loan the authority $100,000,000 to be repaid by the sale of the authority's tax exempt bonds.