Phoebe wants flexibility to spend money - WALB.com, Albany News, Weather, Sports

Phoebe wants flexibility to spend money

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Phoebe Putney CEO Joel Wernick Joel Wernick Phoebe Putney CEO Joel Wernick Joel Wernick
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Phoebe Putney's Board of directors met this morning in executive session, and voted to amend resolution 5 in the purchase agreement for Palmyra Park Hospital.

Phoebe Putney CEO Joel Wernick Joel Wernick said the hospital board was amending the document to allow the hospital to spend borrowed money for purposes other than the acquisition of Palmyra Park Hospital.

That deal has been put on hold but Federal Judge Louis Sands at the request of the FTC and the Georgia Attorney General.

"As part of our acquisition of Palmyra park we went through of one of the documents and made a fine tuning of that document," Wernick said referring to what went on during Friday morning's closed door session. "Where we will be borrowing money to make that acquisition, and that was what was acted by the board today."

Phoebe Putney will have some latitude when it comes to spending funds set aside for buying Palmyra for $195 million. "It just creates flexibility as opposed to being a sole purpose. It could be used for other things if it might be needed to do so during that interim period of time," Wernick said.

Wernick, repeating what he told area media outlets previously,  wanted to drive home Phoebe's cooperation with the government, yet federal and state agencies sought to block the hospital merger.

"One of our concerns that's not been widely reported is that our hospital has been totally cooperative with the federal government at considerable expense which has added a lot of cost to this transaction. So any delay causes some form of cost."