Saint Vincent hospital could get $2.1 million in Richmond settlement

By Lisa Kerner

Charlotte, N.C., March 4 - Saint Vincent Catholic Medical Centers of New York asked the court to approve a settlement agreement with Richmond Medical Center, which operates as Richmond University Medical Center and was formerly Castleton Acquisition Corp., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The agreement will give the debtors' estates an immediate receipt of about $2.1 million in cash.

In addition, the agreement protects St. Vincent's right to collect $2.9 million from Richmond by the end of the year under a lease agreement.

The settlement also resolves issues of Medicare, Medicaid and staffing payments as well as patient accounts receivable reconciliation between the two companies.

Saint Vincent, a New York-based health care system, filed for bankruptcy on April 14, 2010. Its Chapter 11 case number is 10-11963.

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