Reported by Star-Bulletin staff & wire
Thursday, August 13, 1998
Wahiawa Hospital hires management company
The board of directors of Wahiawa General Hospital said it will retain Quorum Health Resources Inc. to manage the 162-bed facility.Quorum, a subsidiary of Tennessee-based Quorum Health Group Inc., manages more than 240 hospitals across the country.
Roger M. McCloskey, chairman of Wahiawa General, said the arrangement will allow it to remain independent while having access to the resources of a leading national health care management company.
McCloskey said no staff cuts are anticipated. The hospital employs 520, including part-timers. It has been run by an acting president, David Sakata, since the last president, David Hill, left in June. The nonprofit hospital said the new management agreement will go into effect later this year.
Kauai Electric parent posts 21% rise in net
Citizens Utilities Corp. today reported a second quarter profit of $14.5 million, or 6 cents a share, up 21 percent from $12 million, or 5 cents a share, in the April-June quarter of 1997.Revenues of the electricity, water, gas and communications company were $366.3 million in the latest quarter, up 11 percent from $329.6 million. The operations of the Stamford, Conn.-based company include two Hawaii utilities, Kauai Electric Co. and the Gas Co. in Honolulu.
Thirty-year mortgages average 6.91 percent
WASHINGTON -- The benchmark U.S. mortgage rate fell this week, staying below 7 percent for the ninth week in a row -- the longest stretch in almost five years, according to the Federal Home Loan Mortgage Corp.The average rate on a 30-year fixed-rate mortgage dropped to 6.91 percent this week, from 6.94 percent last week, Freddie Mac reported. The report also showed that the average rate on an adjustable mortgage fell slightly to 5.60 percent this week, from 5.61 percent; the 15-year mortgage rate was at 6.60 percent down from 6.63 percent last week.
American Rice files Chapter 11 bankruptcy
HOUSTON -- One of the nation's largest rice companies, American Rice Inc., has filed for Chapter 11 bankruptcy protection.American Rice officials yesterday cited several events that have caused financial problems over the past few months, including a contract dispute by its packer in Saudi Arabia, its largest single market. The Houston-based company's brands include Comet, Adolphus, Blue Ribbon and Wonder in the United States.
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