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Mayor Zimmer: ‘final terms are being hammered out’

Earlier this afternoon, Mayor Zimmer stated negotiations between the creditor’s committee and Holdco are continuing saying she is optimistic it will lead to a positive outcome.

In a conference call from City Hall, the mayor outlined the latest developments saying the creditors committee presented altered “final” terms to Holdco.  She said they were slightly different than ones previously discussed adding “negotiations are moving in the right direction.”

The mayor described the negotiations as “sensitive” and concluded “they are going well” and she expects the outcome will lead to a sale of Hoboken University Medical Center to Holdco.

On Friday, the mayor announced a settlement between the creditors and Holdco was close and a scheduled hearing for Tuesday in Newark Federal Court before a bankruptcy judge would likely take place.

The mayor did not take any questions or comment on the action by the nurse’s union over the weekend unrelated to the bankruptcy.

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