Daily News | Tower Health hires new investment bank in latest effort to recover from deep financial losses
Tower Health on Monday announced that it had hired Houlihan Lokey, an investment bank known for helping organizations deal withThe nonprofit health system based in West Reading also said it had appointed Mike Eesley chief financial officer, replacing a series of outside consultants who had been filling that job since February 2021, when Gary Connor resigned.Tower said that Houlihan Lokey, which until recently worked for Tower bondholders owed $1.
Tower most recently sold Chestnut Hill Hospital for $28 million to a consortium led by Temple University Health System. That sale was. It’s not clear how much cash after expenses that sale generated for Tower, which has extraordinarily low levels of cash for a health care provider of its size. Last summer, Tower sold the shuttered Jennersville Hospital in Penn Township, Chester County, for $8 million to ChristianaCare. Tower has not found a buyer for Brandywine Hospital, which is near Coatesville andTower’s efforts to recover financially includedof about 400 people in November. Those cuts, designed to reflect a reduction in the number hospitals owned by Tower, were expected to save $15 million annually.
Tower is expected to report financial results near the end of February for the three months ending on Dec. 31.
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