GMH seeks $12.8M line of credit - KUAM.com-KUAM News: On Air. Online. On Demand.

GMH seeks $12.8M line of credit

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by Mindy Aguon

Guam - The Guam Memorial Hospital is looking for interested financial institutions willing to give them a significant line of credit.  GMH spokesman Connor Murphy says a request for proposal had to be put out a second time because only one bidder responded to the first RFP and the law requires at least two. 

The line of credit is intended to pay the $12.8 million that is owed to vendors, with Murphy saying, "That makes it difficult to continue offering quality care to our patients so we want to make sure we get our vendors paid. They have been sticking by us through the years knowing that they'll get paid eventually and we want to make sure they get paid for their services."

The hospital intends to utilize a million each year from tobacco taxes deposited into the Healthy Futures Fund to pay back the line of credit.

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