Saying that Highmark Inc. wanted it to restructure through bankruptcy, West Penn Allegheny Health System canceled the $475 million deal under which the insurer planned to acquire WPAHS.
WPAHS board chairman Jack Isherwood said in a written statement this morning that he considers bankruptcy a poor option for the health system’s employees and customers.
“To us, bankruptcy is not the first option, it’s the last option,” he said.
WPAHS is actively looking for new partners and is willing to consider all types of companies — another insurer, nonprofit, for-profit.
Senior management will remain in place, Mr. Isherwood said.