Several media sources have reported that Community Healthcare Associates (CHA), a for- profit medical properties developer, one of two bidders in the court ordered auction of the bankrupt Christ Hospital had won the bid to purchase the hospital. These reports are both inaccurate and misleading. The other bidder is Hudson Hospital Holdco Inc., the for- profit owner and operator of both Bayonne Medical Center and Hoboken University Hospital. While it is correct that CHA bid $40 million for the hospital, it is but one component of the overall consideration to determine the winning bid.
The next step in that process is for the Christ Hospital Board of Trustees to meet and
review the two proposals. The Board of Trustees will carefully consider all aspects of the
proposals, both financial and operational, from Community Healthcare Associates and
Hudson Hospital Holdco Inc. In addition to sustaining financial viability, a key
consideration will be the maintenance of Christ Hospital as a full service hospital providing
vital medical services to the Jersey City and Hudson County communities. The Board of
Trustees’ final recommendation will be presented to the court on Friday, March 23, 2012.
The final ruling on the recommendation will be made by the bankruptcy court.
“The Christ Hospital Board of Trustees takes seriously its fiduciary responsibility to the creditors and the community to select the best successor to continue its 140 year-old history of providing vital and quality medical care. We regret that a misleading, inaccurate, and premature press report has given the impression that a decision has already been made prior to the completion of the bankruptcy process.” states Peter Kelly, President and CEO of Christ Hospital.