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Bankruptcy Court Clears Way for Montefiore to Acquire Assets of Westchester Square

BRONX, N.Y. (January 24, 2013) – The Bankruptcy Court for the Southern District of New York today approved Montefiore Medical Center’s bid to acquire the facilities of New York Westchester Square Medical Center (NYWSMC), a Bronx, N.Y., neighborhood hospital that has operated under Chapter 11 bankruptcy protection for nearly seven years.

“Montefiore has a longstanding commitment to its community. We want to provide vital healthcare services that are forward-thinking, coordinated and patient-centered, and in so doing, safeguard jobs and support local businesses,” said Steven M. Safyer, M.D., President and Chief Executive Officer of Montefiore. “Our model is based on the belief that comprehensive and well-managed care improves patients’ overall well-being.”

The new facility will be renamed Montefiore Westchester Square. The plan is to have a full-service emergency department, an ambulatory surgery center and, over time, comprehensive primary and specialty care services.   

Montefiore is committed to preserving as many jobs as possible and will begin working closely with NYWSMC’s labor unions to identify qualified staff eligible for hire by Montefiore. “The physicians and staff at NYWSMC have maintained the highest level of professionalism at a time when the medical center was under financial stress and its future uncertain,” Dr. Safyer said. “They have sustained the warm and caring environment that has characterized this institution for many years.”

NYWSMC was founded in 1929. Approximately half of NYWSMC’s physicians currently have privileges at Montefiore; others have the option of applying for privileges.

The transaction, which is subject to regulatory approval, is supported by $20 million in funding available under the state’s Health Efficiency and Affordability Law. Closing is expected to take place in March.