St. Vincent's Hospital received an emergency cash infusion from its creditors and New York State. (Flickr/Cresny)MANHATTAN —St. Vincent's Hospital got a second cash infusion within a week as Gov. David Paterson and the hospital's creditors agreed to provide a $6 million emergency loan.
Days earlier, creditors provided $8 million to the cash-strapped Greenwich Village hospital. Paterson called for concessions from union workers and hospital management in order to help St. Vincent's, which is up to $700 million in debt.
“Despite this additional commitment of state funds, ensuring continued progress toward a long-term solution for St. Vincent's will require shared sacrifice from all parties as we work together to meet the community's health care needs,” Paterson said in a statement on Sunday.
The first loan, made last Tuesday, was used to cover payroll and supplies, and evaporated almost immediately.
Fearing closure, the hospital has stopped accepting new outpatients to its HIV and community health programs, the New York Times reported.
Earlier this month, a proposal by rival healthcare group Continuum to convert the hospital into a smaller community health center sparked protests from unions, hospital staff and local politicians, including City Council Speaker Christine Quinn.
They are still working to find a permanent solution to save the 160-year hospital.
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