A Message from Beau Gertz, CEO of Cadira Group Holdings
The Surprise Valley Hospital is vital to the Cedarville Community and we at Cadira are committed to its future. The resulting sale of the Hospital to Cadira Group Holdings will keep the Hospital open and caring for Cedarville residents, and allow each and every one of you to avoid the potential of millions of dollars in old as well as new financial liabilities.
For too long, the good people of Cedarville have agonized over the possible closure of the Surprise Valley Hospital due to inadequate financial resources. Fortunately, the Town has been provided a temporary reprieve through bankruptcy protection and Cadira has made a $1.5 million loan to the Hospital so that the Hospital can maintain critical care services for the Community. Had that not happened, there is little doubt that the Surprise Valley Hospital would have had to close its doors.
As part of the loan agreement with Cadira, we were provided the right to purchase the Hospital in exchange for forgiving the $1.5 million loan and paying the Hospital’s then outstanding debts which are presently estimated will be about $3.85 million. Cadira will also maintain existing patient care services and increase revenues from outpatient laboratory services within California through Cadira’s managed SeroDynamics Laboratory.
In June, a measure will be placed on the ballot asking voters to approve the sale of the Hospital to Cadira in exchange for Cadira’s removal of upwards of over $5 million in Cedarville liabilities. It is presently believed that the $5 million will comprise all of Cedarville’s liabilities so that there would be no additional taxes on the Town. If voters do not pass the ballot measure and the sale of the Hospital and related commitments do not happen, Cedarville will likely lose the Hospital. It’s your choice to make. I hope you will vote for the ballot measure, keep Surprise Valley Hospital open, increase patient care and avoid enormous financial liabilities that no one can afford.
I will personally be in Cedarville the week of March 26, 2018 and look forward to addressing any questions the Community might have.