Developer Carlo Stivala eyes abandoned St Philip's Hospital
The hospital's owner owes HSBC €12 million in outstanding debts
Developer Carlo Stivala is eyeing the abandoned St Philip’s Hospital and is willing to clear the hospital’s debts to get the deal done, a court has been told.
Hospital owner Frank Portelli highlighted Stivala’s offer to the court in a bid to delay the hospital’s forced sale through a public call for offers.
St Philip’s Hospital has been empty and abandoned for more than a decade, and Portelli’s company, Golden Shepherd Group Ltd, is in the process of being liquidated.
As part of that process, the Office of the Official Receiver was instructed in July to prepare a public call for offers to sell the hospital building, with money recouped to be used to pay off Portelli’s creditors.
That decision came after a court ordered Portelli’s company to pay HSBC €12 million in outstanding debts.
On Monday, Portelli secured an additional few months to get the Stivala deal concluded before the hospital goes to a public call for offers.
In a court decree issued on Monday, Judge Ian Spiteri Bailey instructed the Official Receiver to make contact with Stivala and request a detailed business plan, including details of how creditors would be repaid.
It suspended the public call for tenders until March 2026.
The decision comes despite HSBC’s protests.
The bank, which is on its way out of Malta, argued that although Stivala’s offer “could be interesting”, the Office of the Official Receiver was obliged to get the best possible offer.
Therefore, there should be a public offer and, if Stivala is interested, he should put in his own offer, HSBC argued.
However, Judge Ian Spiteri Bailey ruled that because Psaila assured that Stivala is willing to pay for all the debt that is owed, he would grant time to make the deal happen.
Times of Malta has approached Stivala for a reaction.