WILLEMSTAD – The Curaçao government is considering acquiring the former Sint Elisabeth Hospital property through the bankruptcy process as part of a possible solution for an outstanding XCG 34.6 million debt owed to the country by the bankrupt hospital foundation.
Stichting Sint Elisabeth, formerly Stichting Sint Elisabeth Hospitaal (SEHOS), was declared bankrupt by the Court of First Instance on June 11, 2025.
According to the June 2026 Financial Management Report, SEHOS owes the government XCG 34.6 million, with Curaçao recognized as a preferential creditor.
The Council of Ministers is now discussing a possible arrangement under which the former hospital property could be transferred to the government through an auction conducted as part of the bankruptcy proceedings.
If that approach is ultimately implemented, the government says the XCG 34.6 million receivable could potentially be settled through the acquisition of the property rather than through a cash payment.
The proposal remains under examination and has not yet been finalized.
One significant issue is the value of the property.
The government currently has an appraisal dated September 7, 2022 that placed its market value at XCG 11.7 million—less than one-third of the outstanding XCG 34.6 million claim.
A new appraisal is expected. The government believes the property could now be worth more because of recent developments and increases in property values in the Colon area.
Because the outcome remains uncertain, the government has already created a provision of XCG 22.9 million against the SEHOS receivable.
The potential acquisition comes as the future of the former hospital complex has attracted renewed attention following a recent fire and measures to improve security around the property.