Forum CEO seeks to free up money for new technology

HOWLAND — Walter “Buzz” Pishkur said one of his first tasks as Forum Health’s new chief executive officer will be to try and convince the health system’s creditors to refinance its debt and free up money to invest in technology and facilities.

Forum owes $146 million, some $51 million of which has been paid into a debt service retirement fund, bringing the actual debt to about $95 million, he said.

Pishkur said Wednesday that he is scheduled to meet with Forum’s bond holders on Nov. 10 in New York City, when he will give them a financial report and present them with a new business plan and a forecast for 2009.

“I will try to convince them we are an ongoing entity,” Pishkur said.

He acknowledged, however, that the current economic crisis will likely negatively impact Forum — as it will other businesses.

“It will certainly reduce the number of people seeking health care which will adversely affect our patient volume,” he said.

Read more in Thursday’s Vindicator and Vindy.com