Saint Vincents Medical Centers looks to extend DIP loan to March 31

By Caroline Salls

Pittsburgh, Dec. 16 - Saint Vincents Catholic Medical Centers of New York requested court approval to extend the expiration of its debtor-in-possession financing to March 31 from Dec. 31, according to a Dec. 15 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said the extension will assure that it has enough liquidity to preserve the status quo of its operations and continue to wind down its estates.

Also under the DIP loan amendment, the maximum commitment will be reduced to $20 million from $22.5 million as of Jan. 1.

A hearing is scheduled for Dec. 29.

Saint Vincents, 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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