Proposal submitted for GMH financing - KUAM.com-KUAM News: On Air. Online. On Demand.

Proposal submitted for GMH financing

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by Sabrina Salas Matanane

Guam - The Guam Economic Development Authority received one proposal for the Guam Memorial Hospital's financing request for proposal. The RFP sought bidders to offer a $25 million loan to GMH to help with its financial crisis, which has resulted in the hospital being placed on credit hold with many of its vendors.

Negotiations are currently underway and should an agreement be reached, GEDA will present a recommendation to the board this Thursday. The government intends to use money from the tobacco tax through the Healthy Futures Fund to pay back the loan, but GovGuam is already two months and $404,000 behind in their payments to that Fund.

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