Trinity Regional Hospital Sachse borrowed $68 million just three years ago to build a new, state-of-the-art facility in a fast-growing area northeast of...
“This is a perfect case study for health care in America today,” Jon Nash, the chief restructuring officer for the hospital and managing partner at MeadowLark Advisors, said in a phone interview. “It completely encompasses all of the complexities and bureaucracy and patient care issues in one small community hospital.
Seven unrated hospitals have defaulted this year, according to Bloomberg data, in a combination of failures to pay and violations of borrowing agreements known as covenants. The high-yield hospital sector is the worst-performing in the muni market year-to-date, down 0.8%.Right before construction began, one investor withdrew its commitment to buy $15 million in bonds, leaving the proposed facility with a funding shortfall.
More problems followed. Trinity Regional struggled to recruit physicians, which meant fewer patients streamed through its doors than anticipated. It discovered its intensive-care unit was “improperly constructed,” requiring a complete renovation that took months.Eventually, it had to seek help. The hospital hired MeadowLark Advisors last July to help it deal with a liquidity shortfall — less than one year after the facility hosted a grand opening celebration with a ribbon-cutting ceremony.
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