Many of the hospitals would be quite profitable, particularly under the new insurer agreements so I can't see any reason at all as why HCW should buckle for anything less than a token discount (certainly not "much" lower). Without an agreement the bond holders get close to nothing. HCW have been lining up alternative operators for months and can afford to play hard ball.
My main concern remains the moral hazards associated with a deal for part of the portfolio with a HCM entity although it provides an "in your face" option of last resort to be able to tell the HealthScope bond holders to simply just go away.
HCW Price at posting:
88.5¢ Sentiment: Hold Disclosure: Held
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