West Penn Allegheny Health delays financial report, may be ‘teetering on the brink,’ expert says (Pittsburgh Tribune)

December 28, 2012 – West Penn Allegheny Health System delayed release of an auditor‘s report on its finances for its most recent fiscal year — a signal of serious trouble for the nearly bankrupt hospital operator, an expert say. The health system did not meet a Friday deadline to make public its audited financial statements for the year ended June 30, a requirement of its agreement with bond investors who are owed about $725 million. “Audited financial statements of the system are not available but the system intends to continue to work with its independent auditors to finalize the same,” West Penn Allegheny said in a statement. This year‘s audit remains incomplete, West Penn spokeswoman Kelly Sorice said, because the auditor has not issued an opinion about the system‘s financial statements.

Link to Full Article: http://triblive.com/business/headlines/3197986-74/system-allegheny-penn#axzz2GSTCkSO0


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