Release Date: 12/22/2017
The CNE Board of Directors unanimously voted last night to withdraw Memorial Hospital from the obligated group for its bond debt, and to assume sponsorship of MHRI’s pension plans. These actions represent important next steps as CNE continues to await a decision from the RI Department of Health on its application to close emergency department and inpatient services at the hospital.
"Memorial's debt and retirement plans were inherited by Care New England when we acquired Memorial Hospital in 2013. With these votes, Care New England is affirming our commitment to repay this debt, and to continue to fund the pension plans as part of an orderly wind-down of Memorial Hospital. In this way, we are able to honor our commitments to employees and bondholders leaving them in a more stable position than when we acquired Memorial," said James E. Fanale, MD, executive vice president, chief operating officer and chief clinical officer.