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Montefiore Approved to Acquire Assets of Sound Shore Health System by Federal Bankruptcy Court

Additional Regulatory Approvals Needed; Closing Anticipated This Fall 

NEW YORK (August 2, 2013) – Montefiore Health System and Sound Shore Health System today announced that Montefiore had received approval from the U.S. Bankruptcy Court for the Southern District of New York (White Plains) for its affiliates to acquire the assets of Sound Shore Health System (SSHS). The transaction, which is subject to regulatory approval, is expected to close this fall. At that time, Montefiore will begin to provide services at Sound Shore and Mount Vernon Hospitals and Schaffer Extended Care Center.  Mt. Vernon’s Hopfer School of Nursing is an important program and Montefiore is committed to supporting its on-going role training nurses of tomorrow.

“As a former resident of New Rochelle for more than 25 years, I have deep affection for this community.  I know how important it is to have accessible, high quality health care close to home,” said Steven M. Safyer, M.D., president and CEO, Montefiore Health System. “We are excited to be making this significant step into Westchester and to strengthen our partnerships with the community-based physicians to ensure residents of New Rochelle, Mount Vernon and the surrounding neighborhoods receive the exceptional care that they deserve.”

Sound Shore Health System will continue normal operations until the closing. Upon completion of the transaction, Montefiore will work closely 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 is committed to preserving jobs and intends to hire substantially all eligible and qualified staff to provide health care services.

“This is a significant milestone in the acquisition process as it paves the way for a stronger, more vibrant healthcare infrastructure in southern Westchester,” said John Spicer, president and CEO, Sound Shore Health System. “Our physicians and employees have been phenomenally supportive during this period, enabling us to stay true to our promise of providing patients with uninterrupted care and services.”