As part of the reorganization plan, NBH will see its debt payments reduced $2.25 million per year from $6.4 million per year. “A rough comparison would be that of a household reducing its mortgage payment,” NBH CFO Christopher Hickey said in a news release. “The new debt structure is one we can manage.
NBH, which is the parent organization of North Adams Regional Hospital, said the bondholders’ willingness to restructure the debt payments was essential, and the health system has already seen improved results from the Chapter 11 process, including higher patient satisfaction scores and higher quality measures.
“We appreciate the support of our community, vendors, staff and physicians — support that was essential to our success,” NBH President and CEO Bill Frado Jr. said. “We are a healthier organization, and we are looking forward to many more years of providing healthcare in the northern Berkshires.”
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