PENNSYLVANIA
Delaware County Daily Times
Darby’s St. Francis Country House included in sale of archdiocesan facilities to Center Mangement Group
By Patti Mengers, Delaware County Daily Times
In a continuing effort to reduce the Archdiocese of Philadelphia’s financial woes, archdiocesan officials announced Tuesday they have entered into an agreement to sell one assisted living facility and six nursing homes owned by Catholic Health Care Services, including St. Francis Country House in Darby.
Center Management Group, a 15-year-old secular health care management company based in Flushing, N.Y., is expected to purchase the nursing care facilities for $145 million. The net proceeds will be applied to lessen millions of dollars in underfunded liabilities the archdiocese has, including the priests’ pension plan, the lay employees’ retirement plan, the self-insurance reserve and the trust and loan fund .
The sale is expected to be closed by the end of the calendar year, said Kenneth Gavin, communications director for the Archdiocese of Philadelphia.
“Until the closing occurs the nursing homes will still be run by Catholic Health Care Services,” Gavin said.
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