Executives and board members of the 207-bed independent hospital said the bankruptcy process should be complete within the next 12 months. Employees and vendors are still expected to get paid. As Fairmont General Hospital unveils its bankruptcy plans, hospital officials expect to restructure long-term debt and union contracts to “bring costs in line with local, regional and national norms in the healthcare sector.”
Fairmont General Hospital has been looking to partner or merge with another healthcare organization, although potential suitors have not been named. Robert Marquardt, president and CEO of Fairmont General Hospital, said filing for bankruptcy was a “necessary” move.
“We’re moving forward to take this action now because we know it is necessary to make us financially and operationally stronger and to pave a smoother transition when we do find the right partner,” Mr. Marquardt said in a news release. “During our search, our financial advisers and nearly every potential partner has identified that this step is necessary to the successful completion of a financially strong strategic alliance.”
More Articles on Hospitals and Bankruptcy:
Westlake Regional Hospital in Kentucky Files for Bankruptcy
Montefiore Medical Center to Acquire Bankrupt Sound Shore Health System
Chapter 9 Bankruptcy Hits Hardeman County Hospital in Texas
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