Healthcare industry

Two hospitals in Chicago's western suburbs — Elmhurst Memorial Healthcare and Edward Hospital & Health Services — are the latest to merge, joining the two-year-old surge nationally of not-for-profit healthcare consolidation.

The $3 billion of bonding authority of the Cancer Prevention and Research Institute of Texas would be stripped, except for refundings, by a measure proposed by state lawmaker.

SUNY Downstate Medical Center in Brooklyn faces insolvency as soon as May, said New York Comptroller Thomas DiNapoli.

Moody's says the West Penn Allegheny debt restructuring features "close parallels" to the bankruptcy of the teetering health system's predecessor 15 years ago.

New York public health system Nassau Health Care Corp. captured an interest rate of 0.4% and saw broad investor interest Tuesday when it sold $40 million of insured revenue anticipation notes backed by future Medicaid payments.

Officials from Highmark and West Penn Allegheny Health System announced an agreement with West Penn bondholders to accept a haircut on their holdings, avoiding a potential bankruptcy and allowing an affiliation agreement to proceed.

A long-awaited review of the state of Chicago's retiree healthcare system concludes that the cash-strapped city can't afford to keep subsidizing its other post-employment benefits at existing levels.

Standard & Poor's has upgraded Meridian Health System debt issued by New Jersey Health Care Facilities Financing Authority to A from A-minus.

West Penn Allegheny Health System, bondholders and Highmark are continuing talks about a $475 million affiliation agreement, with West Penn possibly avoiding bankruptcy.

The Illinois Finance Authority board advanced new-money and refunding deals planned by Northwestern Memorial Healthcare and the Franciscan Communities Inc. in the coming months.

The impact of Hurricane Sandy on the New York City public hospital system will exceed $800 million, according to Health and Hospitals President Alan Aviles.

The United States not-for-profit sector outlook is stable for 2013, but less favorable than past years, according to Standard & Poor's.

Master trustee UMB Bank told West Penn Allegheny Health System to file an audited financial statement within 30 days to avoid violation of a bond covenant.

West Penn Allegheny Health System has 30 days to post its audited financial report for the 2012 fiscal year to avoid default on its $726 million bond issue.

Standard & Poor's last week revised its outlook to negative from stable on bonds issued by Louisiana's Jefferson Parish Hospital Service District No. 2 issued on behalf of East Jefferson General Hospital.

Indianapolis will start the new year with a $42 million double-A rated bond deal should put the finishing touch on its massive $754 million public safety net hospital replacement.

Highmark and West Penn Allegheny Health System poached a group of five obstetricians and gynecologists previously affiliated with the University of Pittsburgh Medical Center.

Healthcare bond issuance is expected to continue its increase next year, with an estimated $34 billion, according to a BofA Merrill Lynch report.

Miami-Dade County commissioners approved a four-year, flexible draw-down bond program up to $675 million, in a private placement with RBC Municipal Products LLC.

Wells Fargo Securities expects not-for-profit hospitals to experience challenging conditions in 2013.