Press Releases

Sills Cummis & Gross Served as Special Counsel in Historic Higher Education Restructuring

November 07, 2013

In July of 2013, the Firm concluded a complex engagement regarding the Governor’s historic higher education restructuring in New Jersey (codified by the legislature in the New Jersey Medical and Health Sciences Education Restructuring Act).  The University of Medicine and Dentistry of New Jersey was dissolved with certain components of it transferred to Rutgers, The State University of New Jersey.  University Hospital became a free-standing entity and instrumentality of the State.  We represented the State Treasurer as special counsel and were involved in numerous aspects of this multi-layered transaction. It was announced recently by The Bond Buyer (the newspaper of public finance) that the transaction financing was the deal of the year for the healthcare sector and that the transaction itself represented one of the largest higher education restructurings in U.S. history.