Grupo HIMA in talks to sell assets, economist says
By The Star Staff
Grupo HIMA San Pablo, which recently declared bankruptcy to restructure over $400 million in debt, is in talks with Island Healthcare to sell its assets.
The information was provided by economist José Julio Balmaceda in a radio interview.
“There are conversations with HIMA and Island Healthcare …,” he said. “Supposedly, HIMA and this group are seeking to sell the whole system.”
Grupo HIMA San Pablo, one of Puerto Rico’s largest hospital systems, filed for Chapter 11 on Aug. 15 and is seeking a sale process for its assets. The hospital system was forced to declare bankruptcy after it was unable to renegotiate its debts, which surpassed the $400 million mark.
The hospital system consists of several entities such as Grupo HIMA San Pablo Inc., Centro Medico del Turabo Inc. (CMT), HIMA San Pablo Properties Inc. (HSPP), Portal de Caguas Inc., Jocar Enterprises Corp. (Jocar), Jerusalem Home Ambulance Inc. (Jerusalem), Host Security Services Inc. (HOST), CMT Development LLC and IA Developers Corp. (IA), which all filed for bankruptcy. However, according to a statement from HIMA’s president and CEO, Armando Rodríguez, there are additional related companies, subsidiaries and nonprofit organizations supported or promoted by Grupo HIMA.
“The last available appraisal reports prepared and reviewed by me for the five operating units were completed in the year 2019 and provided aggregate real property values of $242.3 million, for the real estate components of the businesses,” he said.
As of Dec. 31, 2022, HIMA had no less than $390.1 million in secured debt obligations, in addition to having amassed certain unsecured debts.