State to lend St. Vincent's another $6 million

The News Leader

February 7, 2010 5:39:00 PM PST
Governor David Paterson says St. Vincent's Hospital in Greenwich Village will receive another $6 million in loans as the 160-year-old medical center seeks to stave off bankruptcy or closure. Paterson said Sunday that the loan package is aimed at keeping the hospital afloat while stakeholders develop plans for the long-term financial sustainability of the major AIDS and trauma center in Manhattan.

The hospital owes $700 million and is looking for a partner.

The state lent the hospital $6 million last week. The new loan includes $3 million in state funds and a $3 million match from secured creditors GE Capital and TD Bank.

The hospital says it is grateful to the governor and the lenders for their help.

Paterson says the loan will help keep the hospital stay afloat until the end of February.