Victory Health Services and its affiliates were unable to attract the necessary capital to ensure their long term viability.
After a lengthy sale process, subject to a Consent Decree and Final Judgment, hospital operations and substantially all of the assets of the not for profit hospital owned by Victory Health Services were sold to CHS. On July 13, 2006 the assisted living facilities, operations and assets were sold.
In order to satisfy her regulatory duties, the Attorney General agreed to the sales on the condition that the net proceeds be turned over to a newly created charitable Foundation. As a result, Access Health Care Foundation was created.
- Close interaction with Illinois Attorney General to complete disposition and claims payment
- DSI was retained to maximize the net sales proceeds to be turned over to Access Health Care Foundation
DSI was retained to wind down the affairs of the various entities and to maximize the net sales proceeds to be turned over to Access. These efforts include reconciliation of pre- and post-sales accounting, review of disbursements and management and coordination of risk management services including work on the malpractice and workers compensation tails.
In addition, DSI is working on the reconciliation and payment of outstanding payables and the wind down and termination of the various pension plans, 403(b) plans and other health and welfare matters. During this process, DSI has worked closely with the Illinois Attorney General’s Office and Access Health Care Foundation.