West Penn Allegheny bondholder call set for Thursday
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The trustee representing West Penn Allegheny Health System bondholders has scheduled a call for bondholders Thursday morning to discuss an unspecified announcement it is expecting to be made by West Penn Allegheny officials Wednesday.
The health system and prospective affiliation partner Highmark Inc. have been negotiating a debt-reduction deal with bondholders that sources have told the Post-Gazette would pay them just under 90 cents on the dollar, reducing the $726 million owed to between $620 million and $630 million.
A deal is considered critical to Highmark-WPAHS efforts to gain approval from the Pennsylvania Insurance Department to formalize their affiliation.
First Published January 15, 2013 5:28 pm