A restructuring consultant told Iron Mountain, Mich.-based Dickinson County Healthcare System it needs nearly $24 million to refinance debt, The Daily News reported.
The number came from Bart Stupak of Washington D.C.-based Venable, who was hired last month to help the healthcare system restructure and improve its finances.
"It just takes time, but we're moving in the right direction," he recently told hospital board members, according to the report.
Mr. Stupak told the board members they may consider potential funding through the U.S. Agriculture Department's rural development agency as the hospital works to refinance short- and long-term debt.
Meanwhile, the board agreed to pay global consulting firm Berkeley Research Group up to $75,000, plus expenses, to conduct a feasibility study, according to the report. Mr. Stupak said the study will provide insights for refinancing and financial improvement strategies.
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