Tuesday, January 10, 2012
More evidence of serious financial issues for one of Peoria's major corporations
I guess you won't read it anywhere else..but there are some very disturbing facts about Methodist Hospital in Peoria - which does business as Methodist Medical Center of Illinois..and it's simply not being reported anywhere locally.
I noted their serious debt crisis that is well reported by major national financial sites:
And then recently they canned their CEO of 11 years and sold out to an Iowa Corporation.
But now......... just as soon as the new Iowa corporation takes over they begin a "fire-sale" of assets.
Many in Peoria are familiar with a facility that Methodist just built and touted as a state-of-the-art outpatient facility. They built and owned the medical facility called the "Methodist at North Allen Road" - an outpatient and office facility right at the intersection of Allen Road and Rt. 6 (in north Peoria) which was built to compete with the new OSF facility close by on Rt. 91.
Here's the announcement that they were going to build it back in 2008 at which time they believed it was going to get done for $30 million. These are their own words:
However - the costs were said later to have spiraled as they often do and it was reported to have cost much more to build and even more when you figure in all the operating costs currently.
But here's the bad news - they just unloaded it for a little over $24 million...
Could it be they are in deep financial trouble and it's not being reported?
It looks like a desperate fire-sale as they unloaded it to apparently the first buyer they could get - an outfit out of New York called "American Realty Capital Healthcare Trust, Inc."
I guess I am puzzled that this is big enough news that it should get reported in Peoria but the PJS doesn't have a clue??