St. Vincent's Gets a 1-Month Grace Period

Paterson calls the situation "grim"

Thursday, Feb 4, 2010  |  Updated 7:47 AM EDT
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St. Vincent's Gets a 1-Month Grace Period

St. Vincent's Hospital may soon be condos.

Gov. David Paterson says he expects to keep St. Vincent's Hospital afloat for the next month through a combination
of state loans and help from creditors.
    
But the long-term prospects are still unclear for the major AIDS and trauma center.
    
St. Vincent's is carrying $700 million in debt.  The iconic West Village institution needed $6 million from the State and $2 million more from a key creditor this week just to make its payroll.
    
It's looking for a partner to prevent bankruptcy or closure.
 
Continuum Health Partners has expressed interest. But its plan to shut St. Vincent's emergency room and inpatient units has triggered opposition.
    
Paterson is forming a task force. It will examine community health care needs and ways to run the hospital more efficiently.

 In the meantime though, Governor Paterson announced he's willing to pour in more taxpayer cash. "If we can save on the costs that would be inevitable if the institution has to close, then we're willing to do that," the governor said, adding "it's a very grim situation."

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