Credit crunch could delay New Jersey hospital construction
AP/Philadelphia Inquirer, February 26, 2009
Wall Street's credit crunch is putting a damper on a New Jersey healthcare company's hospital project in the Philadelphia suburbs.
Virtua Health is touting the hospital as a "state-of-the-art, digital" facility, but executives acknowledge that construction could be delayed because of trouble getting financing. Virtua wants to sell bonds to help pay for the project, but the volatile bond markets have made it expensive to borrow money, and executives say they won't sell them until conditions improve.