Sale of the Blackwood Community Hospital.. The Latest..
Media Release from the Administrators PPB Advisory ….Blackwood Hospital’s Sale Progressing
The negotiations regarding the sale of Blackwood Hospital have progressed well and the Administrator has now accepted a proposal from The International Musculoskeletal Research Institute Inc. (“IMRI”) that is likely to see all its creditors paid in full. The great difficulty here, Mr Macks said, was that, having the luxury of proposals predicting payment in full to creditors, due care needs to be taken in regard to the various stakeholders’ interests, some of which are non-financial in nature. Great care has been taken, and will continue to be taken, with respect to taking stakeholder interests into account in the administration.
Announcing this today, PPB Advisory partner Peter Macks, who is co-Administrator with Tim Clifton, said that contracts have been exchanged with IMRI as the successful bidder. However, due to commercial sensitivities concerning continuing negotiations regarding various issues associated with the transaction, further details are not available at this time. We expect to be able to provide an update on the situation around 30 June 2011, Mr Macks said.
Settlement on the agreed terms, would likely pave the way for all former hospital employees to receive their full entitlements, and for all proven claims registered by creditors to be met on completion of the proposal and that process will commence imminently.
Mr Macks said that since it had been expected that all creditors’ interests will be appropriately protected by the administration, the focus had been on arriving at an arrangement that would yield an advantageous benefit to the Adelaide Hills community and in his opinion the proposal accepted achieved this aim.
An overview of IMRI
Provided by the
Administrators PPB Advisory ….
Overview of IMRI
The International Musculoskeletal Research Institute Inc. (“IMRI”) is an incorporated association that operates as a non-profit Health Promotion Charity. Its central objective is the delivery of improvements in the treatment and alleviation of musculoskeletal disease.
IMRI is wholly funded by its commercial activities undertaken through collaboration with commercial medical device manufacturers and other sponsors. Those activities include:
- the conduct of clinical trials for new products;
- post market surveillance for existing products;
- medical and surgeon education;
- clinical training programs;
- product testing; and
- the clinical delivery of services related to musculoskeletal health.
Any surplus from the commercial operations of IMRI is to be used to support the objectives of IMRI, including support for benevolent causes including the orthopaedic and trauma service operated from the Alice Springs Hospital and musculoskeletal health programs operated by Specialists Without Borders in Rwanda and Uganda.
IMRI is governed by an independent Board of Management and operates from the Southern Region of Adelaide.