Hedge funds weight up longer-term ownership of collapsed Healthscope
Major international hedge funds which now control large parts of Healthscope's $1.6 billion debt are not ruling out running the failed private health hospital as longer-term shareholders if they cannot find a buyer for the business, but are facing resistance from a big landlord.
London's Polus Capital and Los Angeles-headquartered Canyon Partners own about 30 per cent of the debt owed by the country's second-largest private healthcare operator, which collapsed into administration earlier this month, leaving the long-term future of its 37 hospitals uncertain.
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News.com.au
21 hours ago
- News.com.au
NSW government seeking power to terminate Northern Beaches Hospital contract
The NSW government will have power to terminate the operating contract of the embattled Northern Beaches Hospital as if a default had occurred under proposed legislative amendments, following the tragic deaths of two children. Two-year-old Joe Massa and newborn Harper Atkinson both died at the Sydney hospital in unrelated incidents since September, leading the government to ban any future public-private partnerships (PPPs) for acute care hospitals. The state government will next week introduce amendments to a bill by Wakehurst MP Michael Regan, which would allow the government, if required, to terminate the contract of operator Healthscope as if a default had occurred. It comes after receivers were appointed to Healthscope's parent entities – which the NSW government considers a default – with the bill giving Health Minister Ryan Park power to issue a termination notice if an agreement is not reached. Treasurer Daniel Moohkey would also be empowered to ensure that compensation negotiations occur in a 'reasonable time frame' and that an independent person would be appointed to determine compensation if an agreement is not reached. Mr Moohkey said the decision was not taken lightly. 'We are now in a position where the Liberal's privatisation mess means Healthscope's receivers are negotiating the future of the Northern Beaches Hospital,' he said. 'While an agreed exit from this failed PPP contract remains my preference – I must ensure the government has the right to step in and protect the Northern Beaches community from this dragging on.' Mr Park said the state government had 'made it clear from the very beginning that we don't support this sort of arrangement. 'This is a complex contract but the community deserves certainty. 'The other mob may have created this mess, but we are going to be the ones to clean it up.' Healthscope is the country's second-largest hospital operator, with a network of 37 hospitals across Australia. Thousands of staff and patients were left in limbo last month after Canada-based Brookfield Asset Management offered to hand control of the company to lenders. Despite an $100m funding lifeline by Commonwealth Bank and Westpac last month amid the search for a new owner, Healthscope's future remains in doubt. Earlier that month, Wakehurst MP Michael Regan introduced a private members bill to ensure no compensation would be payable on behalf of the state if the contract for the Northern Beaches Hospital was voluntarily terminated. With trilateral talks ongoing between Healthscope, its receivers, and the Northern Beaches Hospital Taskforce, the state government remained hopeful of a productive outcome, but reserved the right to commit to a voluntary termination. At the time of the receivership, Healthscope CEO Tino La Spina said the hospital network would 'continue to operate as normal' and that the appointment of receivers 'ensures a stable path to a sale, with no impacts on any hospitals, staff or patients' 'There is no interruption to the outstanding care we provide,' she said. 'The receivers and management share the same goal of maintaining our market leading standards of patient care and protecting the business, the hospitals and our amazing people.'
Perth Now
a day ago
- Perth Now
Bold plan for crisis-ridden hospital
The NSW government will have power to terminate the operating contract of the embattled Northern Beaches Hospital as if a default had occurred under proposed legislative amendments, following the tragic deaths of two children. Two-year-old Joe Massa and newborn Harper Atkinson both died at the Sydney hospital in unrelated incidents since September, leading the government to ban any future public-private partnerships (PPPs) for acute care hospitals. The state government will next week introduce amendments to a bill by Wakehurst MP Michael Regan, which would allow the government, if required, to terminate the contract of operator Healthscope as if a default had occurred. It comes after receivers were appointed to Healthscope's parent entities – which the NSW government considers a default – with the bill giving Health Minister Ryan Park power to issue a termination notice if an agreement is not reached. Receivers were appointed to Northern Beaches Hospital operator Healthscope's parent entities in May. NewsWire / Max Mason-Hubers Credit: News Corp Australia Treasurer Daniel Moohkey would also be empowered to ensure that compensation negotiations occur in a 'reasonable time frame' and that an independent person would be appointed to determine compensation if an agreement is not reached. Mr Moohkey said the decision was not taken lightly. 'We are now in a position where the Liberal's privatisation mess means Healthscope's receivers are negotiating the future of the Northern Beaches Hospital,' he said. 'While an agreed exit from this failed PPP contract remains my preference – I must ensure the government has the right to step in and protect the Northern Beaches community from this dragging on.' Mr Park said the state government had 'made it clear from the very beginning that we don't support this sort of arrangement. NSW Treasurer Daniel Mookhey said the decision was not taken lightly. NewsWire / Nikki Short Credit: News Corp Australia 'This is a complex contract but the community deserves certainty. 'The other mob may have created this mess, but we are going to be the ones to clean it up.' Healthscope is the country's second-largest hospital operator, with a network of 37 hospitals across Australia. Thousands of staff and patients were left in limbo last month after Canada-based Brookfield Asset Management offered to hand control of the company to lenders. Despite an $100m funding lifeline by Commonwealth Bank and Westpac last month amid the search for a new owner, Healthscope's future remains in doubt. Earlier that month, Wakehurst MP Michael Regan introduced a private members bill to ensure no compensation would be payable on behalf of the state if the contract for the Northern Beaches Hospital was voluntarily terminated. Health Minister Ryan Park would have power to issue a termination notice if an agreement is not reached. NewsWire / Nikki Short Credit: News Corp Australia With trilateral talks ongoing between Healthscope, its receivers, and the Northern Beaches Hospital Taskforce, the state government remained hopeful of a productive outcome, but reserved the right to commit to a voluntary termination. At the time of the receivership, Healthscope CEO Tino La Spina said the hospital network would 'continue to operate as normal' and that the appointment of receivers 'ensures a stable path to a sale, with no impacts on any hospitals, staff or patients' 'There is no interruption to the outstanding care we provide,' she said. 'The receivers and management share the same goal of maintaining our market leading standards of patient care and protecting the business, the hospitals and our amazing people.' McGrathNicol Restructuring had been appointed to work with Healthscope management to complete the sale.
News.com.au
a day ago
- News.com.au
Buss family sells LA Lakers for $10 billion after acquiring team for $67 million
The NBA's Los Angeles Lakers are changing hands — for a sky-high price tag. The Buss family is entering an agreement to sell its majority stake in the Lakers for approximately $10 billion to businessman Mark Walter, ESPN's Shams Charania reported Wednesday. It marks the largest sale ever of a US pro sports franchise. Walter, who is also the primary owner of Major League Baseball's LA Dodgers, is the CEO of TWG Global, a multinational conglomerate holding company. Walter also has interests in several other professional sports teams and enterprises — including the Los Angeles Sparks, Chelsea FC, the Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women's Hockey League. Jeanie Buss will remain in her position as the franchise's governor after the sale, Charania noted. The Buss family has seen the value of the Lakers skyrocket since Jerry Buss acquired the franchise for $67.5 million in 1979, and now gets to reap the benefits of that purchase 46 years later. When Jerry died in 2013, his ownership stake in the franchise transferred to his six children, with Jeanie assuming the role as the team's governor. The deal comes after two other highly valued NBA franchises recently sold: the Mavericks and Celtics. Longtime owner Mark Cuban sold his majority stake in the Mavs in late 2023 to the Adelson family for $3.5 billion, though he retained approximately 27 per cent in the team. In March 2025, Wyc Grousbeck sold his controlling stake in the Celtics to William Chisholm for $6.1 billion. Walter has been one of the most willing spenders in MLB with the Dodgers, who have the second-highest payroll in baseball at $321.3 million. Lakers legend and former part-owner Magic Johnson chimed in, posting on X: 'Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning. 'Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!'
