Highmark has confirmed that it will be responsible for Pittsburgh-based West Penn Allegheny Health System's $1 billion debt and pension obligations when the acquisition between the two entities is final, according to a Pittsburgh Tribune-Review report.
The report said a trustee for West Penn Allegheny bondholders had "sought information on the deal only to be turned back" after Highmark had not previously contested a report from bond rating firm Moody's Investors Service that said the hospital system would be responsible for its debt.
Highmark, western Pennsylvania's largest health insurer, and West Penn Allegheny announced their $475 million affiliation at the end of June, and final agreements are still being negotiated.
Read the Pittsburgh Tribune-Review report on Highmark and West Penn Allegheny Health System.
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The report said a trustee for West Penn Allegheny bondholders had "sought information on the deal only to be turned back" after Highmark had not previously contested a report from bond rating firm Moody's Investors Service that said the hospital system would be responsible for its debt.
Highmark, western Pennsylvania's largest health insurer, and West Penn Allegheny announced their $475 million affiliation at the end of June, and final agreements are still being negotiated.
Read the Pittsburgh Tribune-Review report on Highmark and West Penn Allegheny Health System.
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