P.M. BRIEFING : Healthcare Inc. Behind on Mortgage

From Times Wire Services

Healthcare International Inc. is behind on mortgage payments for its new hospital in Hawaii, and the company said today that it may be forced to miss a scheduled $3-million payment on its publicly traded debt.

Plagued by cash-flow problems in recent months, Healthcare failed to make a scheduled $628,000 mortgage payment due last Friday on the $60 million it borrowed to build the Pali Momi Medical Center in Honolulu.

But the lenders, who include several large insurance companies, have indicated they do not intend to call the loan in the immediate future.

Healthcare said today that it may also be prohibited from making a scheduled $3-million payment due Sept. 30 to redeem part of its 14 3/4% subordinated debentures.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World