St. Vincent’s Hospital Manhattan in New York said it has cut 300 jobs, largely through layoffs; temporarily trimmed pay; and frozen pension benefits and retirement contributions for its nonunion workers.
St. Vincent's cuts 300 positions, trims pay
The 511-bed hospital, owned by St. Vincent Catholic Medical Centers, has twice received emergency loans this month from New York and its two largest creditors, GE Capital and TD Bank, totaling $14 million, to allow the hospital to continue operating through the end of February, according to the New York governor’s office.
Mark Toney, a national managing partner with Grant Thornton and St. Vincent’s chief restructuring officer, in a statement, described the salary cuts as “a significant action as all stakeholders join behind a united purpose of keeping this venerable institution operating in the future.”
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