Saint Vincents eyes approval to extend DIP credit agreement to June 28

By Caroline Salls

Pittsburgh, March 22 - Saint Vincents Catholic Medical Centers of New York requested court approval of a fifth amendment to its debtor-in-possession credit agreement that would extend the facility to June 28 from April 6, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said the extension will "assure that the debtors will have sufficient liquidity to preserve the status quo of their operations during the last stages of the debtors' bankruptcy."

Saint Vincents said the total commitment under the DIP facility was reduced to $10 million from $20 million as of Jan. 1.

The company will pay a $25,000 amendment fee.

A hearing is scheduled for April 4.

Saint Vincents, a New York-based health care system, filed for bankruptcy on April 14, 2010. Its Chapter 11 case number is 10-11963.

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