13 Mar 2012

CNMI Healthcare gets Land Trust Board loan

2:37 pm on 13 March 2012

The Marianas Public Land Trust board has decided to give the ailing Commonwealth Healthcare Corporation a 4.58 million US dollar line of credit.

The move comes as the legislature is yet to pass a bill that would give the Corporation an 11.8 million dollar credit.

The Marianas Public Land Trust board chair Pedro R. Deleon Guerrero says once a final agreement is signed by Thursday, the Corporation can draw down any amount from the credit line.

Among the collateral offered by the Corporation are the newly acquired Navy Hill property worth 1.2 million dollars and assignment of income from all sources, including accounts receivables, Medicare and Medicaid payments, and all general income sources for the period that the line of credit is in effect.