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West Penn Allegheny Health System warned of default

Pittsburgh Post-Gazette, January 4, 2013

Master trustee UMB Bank has sent a notice of default to West Penn Allegheny Health System because the health system failed to furnish audited financial statements by the Dec. 28 deadline. The notice, delivered to WPAHS on Thursday, states that unless the audited statement is provided in 30 days, the health system will be considered in default on its $726 million Series 2007 bond offering. The health system notified bond holders last week that the financial statements were not available, but added that "the system intends to continue to work with its independent auditors to finalize the same."