Arizona hospital emerges from bankruptcy, lays off 60

Santa Cruz Valley Regional Hospital in Green Valley, Ariz., previously Green Valley (Ariz.) Hospital, laid off 60 employees July 31, less than a week after it emerged from Chapter 11 bankruptcy, according to Green Valley News.

The hospital entered Chapter 11 bankruptcy in April 2017. At that time, the 49-bed hospital's liabilities totaled $88 million. In February, the bankruptcy court approved the sale of the hospital to Lateral GV, part of equity firm Lateral Investment Management.

The hospital emerged from bankruptcy about a week ago, but it is still experiencing financial troubles, according to layoff notices given to employees July 31.

Santa Cruz Valley Regional Hospital CEO Kelly Adams told Green Valley News the layoffs will not affect patient services. Once the layoffs are completed, the hospital will have between 250 and 260 employees, Mr. Adams said.

More articles on healthcare finance:

Independent monitor to oversee New Jersey hospital's finances after 4-notch downgrade by Fitch
Texas health system files for bankruptcy
CMS terminates Idaho hospital's Medicare contract

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