According to accounts filed recently by the hospital-operating company in June 2010.
The University of Pittsburgh Medical Centre (UPMC) became a majority owner of the hospital-operating company in August 2009 when it invested €25 million. The US companies subsidiary, UPMC Ireland Ltd, bought into the hospital operating company by acquiring shares in UPMC Beacon Sandyford Ltd.
At the end of June 2010, shareholders' funds were in deficit, at -€37.62 million. The company is "not generating sufficient profit to finance its ongoing trading activities", according to the accounts. "The company is therefore wholly reliant on continued financial support from its parent company to allow it continue to trade and meet its liabilities as they fall due."
The €25 million investment in August 2009 was part of a deal that involved bank restructuring, settlements with creditors and a restructuring of the group's activities, according to the accounts
Article Published: 13/04/2011