Dormitory Authority State of New York. Commission on Health Care Facilities in the 21 st Century. Healthcare Restructuring and Debt
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1 State of New York Commission on Health Care Facilities in the 21 st Century Healthcare Restructuring and Debt August 24, 2006
2 Topics to be covered Typical healthcare provider debt and non-debt liabilities Restructuring and participants in capital debt financing process Examples of closures and restructurings involving DASNY clients Considerations for Commission deliberation 1
3 Some Common Types of Obligations Liabilities of a typical hospital or nursing home include some or all of the following: Vendor / Trade Debt Commercial Lease Financing Corporate Debt (including bank loans, letters of credit, receivable financings) - Capital and working capital Tax Exempt Bonds/Leases - Capital - - Industrial Development Agencies (IDA) Third Party Payers (Medicaid, Medicare, insurance plans) Wages Pension / Benefits Malpractice and other insurance Taxes - Federal -State - Local (e.g. water / sewer) Inter-company / Affiliate Leases/other long term contractual commitments 2
4 Security for Healthcare Obligations Debt obligations of the hospital or nursing home may be a general unsecured obligation of the institution or maybe secured by any of the following: Mortgage on Institution s Real Estate Gross Receipts of the Institution Right to receive specific funds (e.g. DoH pools) Specified Collateral (e.g. bank accounts) Equipment Financed Guarantee of another (usually a stronger hospital or system will guarantee the debt of another) 3
5 Capital Tax-Exempt Healthcare Financing Credit Enhancer Issuer Trustee Bond Holders Provider 4
6 Categories of Healthcare Restructuring Closure of Facility Reconfiguration of facility and/or business lines Sale of facility and/or business lines Financial Restructuring An Institution s Board may determine that bankruptcy protection may be advantageous or essential to achieve some of the above objectives 5
7 DASNY Restructuring Experiences Hospital A Small, stand alone community hospital; downstate region; State secured debt; underperforming financially Institutional Action Taken - Board determined that it would no longer operate a hospital - Hospital Closure ( DoH approval of plan) - No filing under Bankruptcy Law or assignment for benefit of creditors DASNY Action Taken - Settlement Agreement with Hospital - Foreclosure/Receiver Results - Hospital property sold in foreclosure sale - Bondholders paid in full from sale proceeds and statutory fund established for Secured Hospital Program - Limited resources available to pay unsecured creditors Timeframe Approximately 2 years 6
8 DASNY Restructuring Experiences Hospital B Small, community hospital; downstate region; member of larger healthcare system; FHA mortgage insurance; under-performing financially Institutional Action Taken - Hospital Closure - Liquidating Chapter 11 DASNY/DoH Action Taken - Secured loan to assist with costs of closure and liquidation - Loan made to Debtor in Possession (DiP Financing) Results - Third Party lender provided DiP Financing Included prepayment of DASNY s mortgage loan - DASNY Bondholders paid in full (without recourse to FHA mortgage insurance benefits) - Hospital property sold - DASNY secured loan repaid from sale proceeds - Claims of other secured/unsecured creditors to be addressed through Debtors Plan of Reorganization Timeframe - Approximately 2 years and ongoing 7
9 DASNY Restructuring Experiences Hospital C Large multi-hospital/nursing home system (recent merger ); serving 3 different healthcare markets in New York City; multiple DASNY bond issues secured by LOC or FHA and commercial loans; financially under-performing for years; significant cash losses Institutional Action Taken - Restructuring Consultant - Bankruptcy filing (Chapter 11: Reorganization) DASNY/DoH/HUD Action Taken - DIP Loan to assist with restructuring - DASNY/HUD subordination of mortgage interest on non-core property to facilitate third-party working capital borrowing Results - Third Party lender provided DiP financing Included prepayment of DASNY s mortgage loans - Bondholders paid in full (without recourse to FHA mortgage insurance benefits) - Business Restructuring underway, includes closure and divestiture of some acute care facilities - Debtor has not yet filed a Plan of Reorganization Timeframe - Approximately 2 years and on going 8
10 DASNY Restructuring Experiences Hospital D Small multi-hospital system with nursing homes; downstate region; multiple loans FHA mortgage insurance; underperforming financially Institutional Action Taken - Bankruptcy filing (Chapter 11-Reorganization) DASNY/DoH Action Taken - DIP Loan to assist Debtor in developing viable plan of reorganization acceptable to other creditors Results - Sale of one hospital by system - DASNY bonds issued to refinance taxable debt incurred by acquirer of Debtor s hospital - Bondholders being paid from ongoing mortgage payments - Business Restructured / Emerged from Bankruptcy - DASNY/DoH loan repaid (as provided in Plan of Reorganization) Timeframe - Approximately 5 years 9
11 DASNY Restructuring Experiences Hospital E Large community hospital (two sites in New York City); FHA mortgage insurance, high need community, under performing financially Institutional Action Taken - Convert one hospital site to diagnostic and treatment center DASNY/DoH Action Taken - Assess implications of conversion on both DASNY Bonds and Borrower's obligations under Loan Documents Results - Bondholders being paid from ongoing mortgage payments - Business Restructuring underway 10
12 DASNY Restructuring Experiences Same system, a few years later. Institutional Action Taken - Bankruptcy filing (Chapter 11: Reorganization) - Non-debt obligations soon to become secured claims through statutory liens (e.g., judgments against the Institution) - Restructured balance sheet DASNY/DoH/HUD Action Taken - Secured DIP loan to provide working capital during the restructuring Results - Third Party lender provided financing DASNY s mortgage loan not prepaid - Bondholders being paid from ongoing mortgage payments - Business Restructuring underway Timeframe - Approximately 2 year process, including 1 year in Chapter 11 - On going 11
13 DASNY Restructuring Experiences Hospital F Medium sized, multi-hospital system in urban, upstate New York, underperforming financially Institutional Action Taken - Parent determined to close a hospital in system (DoH approval of plan) - System was passive parent of DASNY and IDA Borrowers (no joint liability) DASNY Action Taken - Assessed financial and legal implications of closure on DASNY Borrower Results - Hospital closed/dissolution - Bondholders received negotiated payments that were funded by purchase of IDA mortgage by DASNY s Borrower - Court receiver appointed - Hospital property sold Timeframe - Approximately 5 years 12
14 DASNY Restructuring Experiences Hospital G Small community hospital upstate NY, 2 hospital town, FHA mortgage insurance; under performing financially Institutional Action Taken - Close emergency room - Convert most acute-care beds to rehabilitation DASNY/DoH/HUD Action Taken - Loan to assist with restructuring - Reviewed plans and worked with FHA to determine compliance with financing documents Results - Bondholders being paid from ongoing mortgage payments - Business Restructuring complete assessment underway Timeframe - Approximately 1 year 13
15 DASNY Observations Healthcare Restructuring and Debt Healthcare restructuring is both time and resource intensive; although clearly defined goals can save both; Cannot underestimate the amount of capital necessary to effectuate; It is not a predictable process and is highly dependent on the unique set of circumstances; Restructuring necessarily has to address all types of debt, including capital debt; Boards of Directors may elect to pursue bankruptcy protection to implement restructuring; To date, DASNY has not had to call upon credit enhancers as restructurings have occurred, nor have bondholders been harmed; Responsible treatment of capital debt (i.e. avoid bond defaults and calls on credit enhancement) will allow for future access to capital markets to assist reinvestment 14
16 Suggested Items for Checklist (Non-Patient Access Considerations) Governance / Board strength / changes Clarity of Goals: Mission vs. Business Management strength/changes Advisors/Consultant/Legal assistance Affiliations - Financial and management / personnel resources to assist - Financial effects Restructuring costs - Employee severance, closure expenses, working capital Unfunded tax and pension/benefit obligations Trade obligations - How much and to whom 15
17 Suggested Items for Checklist (Non-Patient-Access Considerations) Accumulated malpractice liability Fully insured Adequacy of coverage Self Insured (or large deductible / retention) Adequacy of funding Existing Short- and Long-Term debt - Amount(s) - Lender - Security What is it and how much is it worth? - Guarantees What would be the effect of payment on the guarantor? - Credit enhancement How critical is the enhancer in the future? Business Disruption - Community and Physician relations Timeframes Need for additional Capital (Liquid and Non-Liquid Assets) - Working capital - Reinvestment capital) - Must be sufficient to cover continued operations or closure costs 16
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