Senior leaders from Pittsburgh-based West Penn Allegheny Health System and health insurer Highmark are discussing how to rejuvenate their planned $475 million merger that went awry in late September, according to a Pittsburgh Tribune-Review report.
The parties released a joint statement yesterday, saying a "small group of most senior leaders" — including Highmark CEO William Winkenwerder, MD, and West Penn Chairman Jack Isherwood — met with West Penn's bondholders yesterday in a "very productive session," according to the report.
The teams discussed how to address the ailing financial condition of five-hospital West Penn and earn regulatory approval from the Pennsylvania Insurance Department for the planned transaction. "Both parties realize there are significant issues that must be addressed and that prompt action is essential," according to the joint statement.
The meeting comes days after a judge granted Highmark an injunction barring West Penn from talks with other potential buyers and forcing it to remain in its affiliation deal with Highmark until May, when the deal's agreement would expire.
West Penn Says Highmark Remains "Best-Suited Partner" Despite Weeks of Tension
Layoffs, Reduced Services Loom for West Penn Allegheny
The parties released a joint statement yesterday, saying a "small group of most senior leaders" — including Highmark CEO William Winkenwerder, MD, and West Penn Chairman Jack Isherwood — met with West Penn's bondholders yesterday in a "very productive session," according to the report.
The teams discussed how to address the ailing financial condition of five-hospital West Penn and earn regulatory approval from the Pennsylvania Insurance Department for the planned transaction. "Both parties realize there are significant issues that must be addressed and that prompt action is essential," according to the joint statement.
The meeting comes days after a judge granted Highmark an injunction barring West Penn from talks with other potential buyers and forcing it to remain in its affiliation deal with Highmark until May, when the deal's agreement would expire.
More Articles on West Penn and Highmark:
Judge Grants Highmark's Request for Injunction Against West PennWest Penn Says Highmark Remains "Best-Suited Partner" Despite Weeks of Tension
Layoffs, Reduced Services Loom for West Penn Allegheny