Mt. Sinai Passes on Partnership With St. Vincent’s

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Photo: Andy Kropa/Getty Images

Perhaps the last roadblock on the path to bankruptcy has been lifted for St. Vincent's Hospital in the West Village, causing its board to scramble to find any way to avoid that fate for the historic nonprofit charity hospital. Mt. Sinai, the hospital juggernaut uptown, announced yesterday that it would decline an opportunity to take over a portion of St. Vincent's services. “We have concluded that we are not going to pursue the acquisition of the inpatient operations of St. Vincent Catholic Medical Centers, but we will continue to consider other health care options for the communities served by St. Vincent’s,” Mount Sinai said in a statement, according to the Times. This leaves the hospital, which was prepared to declare bankruptcy in February only to be rescued by emergency loans, with perhaps no other choice. The trouble is, with $700 million in debt, bankruptcy might not be enough to save the hospital. Creditors could force it to sell its valuable West Village real estate and close for good.

Mt. Sinai Vetoes Partnership With Struggling St. Vincent’s [NYT]