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The Adair County Hospital District meeting 29 Oct 2015 report Plan of Adjustment to settle Chapter 9 bankruptcy approved. Trustees approve a cash preservation plan which will result in the loss of 29 full time jobs and 1 part time job. Individuals who will lose jobs will receive news early next week, likely as early as Monday, November 2, 2015 Click on headline for full story By Ed Waggener The Adair County Hospital Board met tonight, Thu 29 Oct 2015 in a special called meeting, approved the Chapter 9 Plan of Adjustment and confirmed a cash preservation plan which calls for reduction in force of 30 people - 29 Full Time and 1 part time. Neal Gold, the CEO said that the layoffs in the Westlake system will reduce the number of employees from a total of 165 full time equivalents (FTE) to 135 FTE. Mr. Gold said that the employees, through department managers are aware that the cuts are coming, but that the names of those being laid off won't be announced until Monday, November 2, 2015. The cash is being conserved to meet a $2,000,000 mortgage payment the hospital will be making as part of its Chapter 9 bankruptcy settlement. The Chapter 9 Plan of Adjustment will be presented to the creditors, who will vote on it and there may be further negotiations before the hospital emerges from bankruptcy and the hospital is sold to TJ Samson Hospital of Glasgow, KY. The current hospital tax citizens of Adair County are now paying will continue through December 31, 2025 under the plan of adjustment. TJ Samson would pay $3.2 million for the hospital and has agreed to keep the hospital in operation and to maintain its certifications. The Adair County Hospital District would continue with its major role being to receive the tax payments of approximately $770,000 per year. Of that income, $500,000 would go to pay off 20 different classes of creditors, with the lead banks holding secured bonds having the highest priority, other secured creditors coming next, and finally, unsecured creditors. The balance of the money would be available for administrative costs, including rental of an office, and necessary accounting and legal services. Gold did say that the trustees hope that the current tax rate will not be increased during the 10 year period, but that it does depend on the Bankruptcy Court and on negotiations involved with the plan of adjustment. One uncertainty is whether Adair Fiscal Court will get any of the $1.7 million loaned to the hospital district as a bridge loan to keep the hospital open. CJE Mike Stevens said that the county is now paying $15,000 on the loan, now a long term one with KACO, and that the balance is now just over $1,500,000. CJE Stevens told the hospital board that they had met a very difficult challenge, and he commended them for making the best of a bad situation. "This board is made up of some of the best minds in the county," he said. "The people of Adair County want a hospital, and this assures that there will continue to be one here." The current board, all of whom were present tonight, are Chairman Richard Grant, and board members Sharon Burton, David Herbst, Brad Keltner, and Bruce White. This story was posted on 2015-10-29 22:23:06
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Fall Festival at Green River Arts Fri-Sat, 30-31 Nov 2015. Revival at Faith General Baptist starts 1 Nov 2015 The Beshear Years: Administration investments in Adair County Vicky Pike: A lot of KSP travel down KY 61 toward Burkesville, KY Adair GOP meets 9 Nov 2015, in City Hall Graphic artist offers explanation for gravemarker mystery Manhunt: Cumberland Co., KY schools in session Thu 29 Oct 2015 Manhunt: Incident Wednesday in White House, TN Adair Hospital Boards Meetings 29 Oct 2015 Misty Valley to perform at Knifley Christian Church View even more articles in topic News |
 
115 Jamestown St. Columbia, KY. 270-384-2496 
  
   
 Provided by the Adair Co Fiscal Court and the Adair Co. Emergency Mgt. Agency 
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