Jersey Shore's AtlantiCare wants to end relationship with Geisinger Health
Geisinger, a central
The 12-page lawsuit, filed in
The lawsuit did not say why AtlantiCare wanted to regain its independence. Geisinger provided notice of the lawsuit to bondholders Friday.
Spokespersons for Geisinger and AtlantiCare said the two sides were discussing ways to resolve the conflict. AtlantiCare did not answer questions about why it wants to part ways with Geisinger.
According to the lawsuit, AtlantiCare is only able to terminate its merger with Geisinger under two circumstances: "If Geisinger becomes controlled by a religious-affiliated entity or a for-profit entity within ten years after the closing."
Neither of those things has happened. The merger was effective
After the merger, AtlantiCare kept its board of directors, though it's not clear how much power that board has.
When the merger of AtlantiCare into Geisinger was announced in 2014, AtlantiCare's then-CEO,
The deal also called for Geisinger to spend
At the time, AtlantiCare had 589 licensed beds on two campuses, in
Geisinger had operating income of
Last February, Moody's downgraded Geisinger's credit rating by one notch, to the still very strong Aa3 from Aa2, citing, among other things, modest margins and "continuous capital investment at a time when cashflow is pressured, and markets which are increasingly competitive and fluid."
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