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Montefiore Reaches Agreement to Acquire Assets of Sound Shore Health System

Purchase Ensures Ongoing Community-Based Care,
Economic Stability in Westchester

New York City (May 29, 2013) – Montefiore Medical Center said today that it has filed a petition in federal bankruptcy court to purchase the assets of Westchester-based Sound Shore Health System, which earlier today filed for Chapter 11 bankruptcy protection. Terms of the agreement were not disclosed.

Should the court approve the agreement, Montefiore would purchase Sound Shore buildings and other assets and operate its two hospital facilities – one in Mount Vernon and the other in New Rochelle – and its skilled nursing facility. The transaction, which is subject to regulatory approval, could be completed by the end of the year.

"At Montefiore, we believe health care should be easy to access, local and tailored to the needs of the communities," said Steven M. Safyer, M.D., president and CEO of Montefiore Medical Center. "Residents and neighbors of New Rochelle and Mount Vernon deserve exceptional care close to home. Montefiore looks forward to building on our existing clinical presence in lower Westchester and working with the dedicated doctors, nurses and staff of Sound Shore and Mount Vernon hospitals and the Schaffer Extended Care Center, who have served their patients well over many years." 

Montefiore currently operates nine health clinics in Westchester and provides specialty care in cardiology, neurology and women's health, such as obstetrics and gynecology, fertility and reproductive medicine, fetal medicine and reproductive genetics.  Montefiore's experience has demonstrated that the best way to advance the health of a community is through strong relationships with local physicians.  

Montefiore said it will collaborate with the Sound Shore medical community to ensure services remain uninterrupted for patients. In addition, Montefiore will work closely with labor unions to facilitate a smooth transition process.

"Providing ongoing jobs and supporting the local economy are important benefits of a vital healthcare system," Dr. Safyer said. "We are making a long-term commitment to lower Westchester to support and improve the health of area residents as well as the health of the local economy."