In Federal Court today in Newark, Judge Morris Stern awarded Christ Hospital to Hudson Hospital Holdco, as the buyer with the "highest and best" offer, which was approved by the Christ Hospital Board yesterday.
While there is much we might still wish for, Save Christ Hospital can be proud of what we accomplished. As a result of our efforts, this sale is on significantly better terms than offered by Prime, or by either bidder initially.
The sale now includes a lengthy commitment to operate as an acute care hospital, retention of 100% of nurses and 90% of all staff, and assumption of accrued paid time off.
Holdco also committed to reach agreements with all Medicaid HMOs, helping ensure coverage for many low-income patients.
Now we must consider how to build-in safeguards to ensure these commitments are met, and get additional health care and asset protections through the state review process.
Following the outcome of today's hearing, Hudson Holdco principals reached out to us and offered to work together. Save Christ Hospital wishes them well, and will seek continued involvement to see that community needs are represented in hospital services.
Thanks for your support and hard work which had a huge impact on this process.
See the Save Christ Hospital Press Release on the sale of Christ Hospital to Hudson Holdco, 3/27/12.