9 Hospitals That Filed for Bankruptcy in 2012
1. LifeCare Holdings and affiliates, a hospital and senior care facility chain, announced in December it agreed to be acquired by Hospital Acquisition LLC, a group of its existing lenders, after filing for Chapter 11 bankruptcy.
2. Interfaith Medical Center in New York City's borough of Brooklyn filed for Chapter 11 bankruptcy in December.
3. In a 3-2 vote in October, the board of the Mendocino Coast Health Care District, which oversees Mendocino Coast District Hospital, a 25-bed critical access hospital in Fort Bragg, Calif., said it would file for Chapter 9 bankruptcy protection. Chapter 9 bankruptcy specifically provides for the reorganization of municipalities.
4. Colorado-Fayette Medical Center in Weimer, Texas, officially closed its doors in August after it filed for Chapter 11 bankruptcy in July.
5. In August, Sheehan Health Network, parent organization of the now-closed Sheehan Memorial Hospital in Buffalo, N.Y., officially filed for Chapter 11 bankruptcy.
6. Medical Park Hospital in Hope, Ark., filed for Chapter 11 bankruptcy in May, but the U.S. Bankruptcy Court for the Western District of Arkansas approved its sale to Wadley Regional Medical Center in Texarkana, Texas, and its parent company, Franklin, Tenn.-based IASIS Healthcare.
7. Saint Catherine's Hospital of Pennsylvania LLC, which owns Saint Catherine Medical Center Fountain Springs in Ashland, Pa., and Saint Catherine Regional Hospital in Charlestown, Ind., filed for Chapter 11 bankruptcy in April and June.
8. In March, Cheboygan (Mich.) Memorial Hospital filed for Chapter 11 bankruptcy protection. However, Flint, Mich.-based McLaren Health Care reopened the facility in May under the name McLaren Northern Michigan, Cheboygan Campus, following a six-week closure.
9. In an effort to "maintain financial stability" and stay within the community as an acute-care facility, Christ Hospital in Jersey City, N.J., officially filed for Chapter 11 bankruptcy in February. Hudson Holdco, a company that operates two other for-profit hospitals in New Jersey, bought the facility in July.
More Articles on Hospital Bankruptcy:
Moody's Downgrades West Penn's Bond Rating With "High Likelihood" of Bankruptcy
8 Key Issues for Hospitals and Health Systems — 2013
How a Small, Bankrupt Community Hospital Created a "Superior" Stroke Center
© Copyright ASC COMMUNICATIONS 2012. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
New From Becker's Hospital CFO