Highmark, West Penn Allegheny hold "productive" session
Share with others:
Senior leaders from Highmark, Inc. and the West Penn Allegheny Health System held "a very productive session" on Monday "that focused on efforts the parties could take to address the financial condition of WPAHS to secure approval of their affiliation agreement by the Pennsylvania Insurance Department," said Highmark spokesman Michael Weinstein in a release late this afternoon. The statement also said both parties had "met recently" with WPAHS bondholder representatives.
Highmark and West Penn Allegheny have been negotiating an affiliation for more than a year, but the partnership was nearly derailed after WPAHS officials objected to Highmark pressure to file for bankruptcy to get out from under the health system's near-$1 billion debt obligations. West Penn Allegheny board members wanted to talk to other possible capital partners but Highmark successfully blocked that move last week in a suit filed in the Allegheny Court of Common Pleas.
First Published November 12, 2012 5:08 pm