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Archdiocese and Caritas announce completed stewardship agreement

by
5/6/2010

BRAINTREE, MA The Archdiocese of Boston and Caritas Christi Health Care announced today that they have executed a Stewardship Agreement that ensures the Catholic identity of the Caritas Christi hospitals, pending the approval of the transaction transferring the system to Steward Healthcare System LLC (Steward), a newly formed affiliate of Cerberus Capital Management, L.P.

We are pleased to announce the completion of a Stewardship Agreement that memorializes Stewards commitment to maintain the Catholic identity of the Caritas Christi Health Care system and its fidelity to the mission of the Churchs healthcare ministry, said Cardinal Sen OMalley. The transaction with Steward will provide the system much needed capital for its infrastructure, programs, and pension funds while continuing to provide high quality healthcare in accord with the Ethical and Religious Directives for Catholic Health Care Services adopted by the United States Conference of Catholic Bishops (the Ethical and Religious Directives).

In our search for capital, we were committed to finding a partner that valued our Catholic tradition. Cerberus Capital Management has committed to preserving the Catholic tradition of Caritas Christi Health Care and this agreement solidifies that commitment. We are grateful that the RCAB and Caritas will continue to work together to fulfill our mission, said Ralph de la Torre, MD, Chief Executive Officer of Caritas Christi Health Care.

I wish to express my appreciation to Dr. Ralph de la Torre and his leadership team for their commitment to working with the Archdiocese to achieve a Stewardship Agreement for these hospitals, said Cardinal Sen. I am grateful that we have reached a meaningful agreement that allows us to continue to serve those in need while never losing sight of the moral and religious teachings handed down to us by Christ.