St. Vincent’s Catholic Medical Centers’ plan of reorganization went into effect Fri., Aug. 31, marking the hospital system’s final emergence from its Chapter 11 bankruptcy procedure.
The reorganization plan, confirmed by the U.S. Bankruptcy Court on July 27, calls for GE Healthcare Financial Service to provide financing for the system anchored by St. Vincent’s Hospital on Seventh Ave. and W. 12th St. in the Village.
The reorganized system also provides psychiatric and chemical-dependency treatment at various locations, including St. Vincent’s Hospital Westchester. Three nursing facilities — one in Staten Island and two in Brooklyn — and homecare services in Brooklyn and Staten Island are also in the reorganized system. St. Vincent’s also sponsors the U.S. Family Health Plan for the U.S. military in the New York/New Jersey region.
St. Vincent’s has begun planning its new hospital in the Village, to be located on the west side of Seventh Ave. across from the current complex, and has selected Pei Cobb Freed and Partners as architects and Ballinger, a Philadelphia-based firm, for planning the new hospital’s interior.
The project, with the Rudin Organization as a development partner, will include converting the current complex on the east side of Seventh Ave. to luxury residential use.
St. Vincent’s is connected with New York Medical College and is sponsored by the president of Sisters of Charity of New York and the bishop of the Roman Catholic Diocese of Brooklyn.
