We were disappointed to learn of the recent inaccurate statements made about Blue Wolf and our proposal to revitalize the Daughters of Charity Health System (DCHS). While we respect the authority of the DCHS board to propose that the Attorney General permit them to sell to Prime Healthcare, we must set the record straight on inaccurate statements made about Blue Wolf and our proposal.
The DCHS hospitals are vital safety net institutions in their underserved communities. These facilities provide critically needed quality healthcare as well as jobs and pension benefits for their employees and retirees. Our proposal was predicated on creating a sustainable organization that would insure the continuation of this mission in the face of the extremely challenging economic circumstances that the System faces.
Our Blue Wolf Health Care team is led by hospital executives with unchallenged and unblemished records of turning around safety net hospitals and delivering top quality care in communities across America, including in California. Because of the complexity of the challenges facing DCHS we ultimately mobilized a team of nearly 100 individuals with multi-disciplinary experience to support our leadership team.
Our proposal was fully financed and honored all obligations to third-party lenders. In addition, we raised substantial new capital to support the hospitals, allowing them all to remain open and maintaining all employee and former employee pension benefits, with no further financial or operational support from the Daughters. We also committed to spending $300 million in new capital expenditures over the next five years.
We believe that the quality of our leadership team and the extent of our capital commitment to DCHS were the reason that we have received overwhelming support from public officials, health care providers and labor organizations.
Whether or not we are a part of it, we wish only the best for the employees, patients and communities who rely on DCHS as it attempts to navigate the difficult road ahead.