Founded in 1988, Grupo HIMA-San Pablo, Inc. operates hospitals and medical centers in Puerto Rico. It offers cancer, robotic and robotic radio-surgery, stroke, infusion, cardiovascular, maternal fetal medicine, fertility, radiology imaging, pediatric and adolescent, specialty, adult specialty, integrated pediatric, radiation imaging, neonatal intensive unit facilities, cardiology, neuro-rehabilitation and physical therapy, emergency, and ambulatory services.
8/28/2017: Article discusses financial strain in Puerto Rico hospital system
In the San Pablo HIMA Hospital system, 750 employees have been dismissed since 2015, they have frozen and eliminated places, reorganized departments and automated services. Armando Rodríguez, executive vice president of HIMA, said that the $ 34 million that Molina Healthcare owes them is one of their biggest problems. "Practicing medicine with your hands tied behind your back is very difficult," he said, stressing that this situation affects the service patients receive due to the flight of doctors and other health professionals, mainly due to problems with payments. of insurers.
3/3/2017: Company undertakes staff cut-backs due to unpaid receivables.
IVQ 2017: Second lien debt owned by 3 BDCs placed on non-accrual. Rating changed to CCR 5. First lien remains performing.
IIQ 2017: Rating dropped to CCR 4 - Worry List - due to further substantial cut in valuation, especially in second lien debt.
IIQ 2016: First placed on Watch List with CCR 3 rating due to valuation write-down of both debt tranches by multiple BDCs.
IQ 2013: Lenders - including several BDCs - provide $262mn financing package for Company.
"The 262 million syndicated credit facility, includes a First Lien Facility that consisted of a $15 million revolver, a $50 million Term Loan A, and a $113 Million Term Loan B; and a Second Lien Facility that consisted of an $84 million term loan".
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