St. Vincent’s begins payments to first creditor

The first of St. Vincent’s Medical Center’s creditors has begun receiving payments, as the bankrupt facility begins to sell off portions of its property, according to Crain’s. Sun Life Assurance has received around $2.5 million from the sale of 555 Sixth Avenue, better known as the hospital’s “Staff House.” Sun Life is still owed $40 million, while St. Vincent’s other creditors are owed around $113 million. Sun Life is one of the center’s secured creditors from the hospital’s first bankruptcy in July 2009. City Council Speaker Christine Quinn announced yesterday that the facility would be transformed into an urgent care center. [Crain’s]