West Penn sale de­tailed

Modern Healthcare - - THE WEEK IN HEALTHCARE - Melanie Evans

High­mark urged Penn­syl­va­nia in­sur­ance reg­u­la­tors to ap­prove its takeover of West Penn Al­legheny Health Sys­tem, ar­gu­ing the ac­qui­si­tion was needed to more per­ma­nently “sta­bi­lize the sit­u­a­tion” at the fi­nan­cially trou­bled health sys­tem.

In a new reg­u­la­tory fil­ing that dis­closed de­tails of a de­fin­i­tive agree­ment an­nounced Nov. 1, High­mark de­tailed for reg­u­la­tors how the in­surer would pro­vide up to $400 mil­lion to the health sys­tem.

High­mark said $50 mil­lion will be awarded to West Penn Al­legheny 180 days af­ter the agree­ment is ex­e­cuted. Two $100 mil­lion loans will fol­low on April 1, 2013, and one year later.

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