Troubled Vermont hospital announces major restructuring

Springfield (Vt.) Hospital has announced a restructuring of operations that includes layoffs and wage cuts prompted by the hospital's financial struggles, according to WCAX.

The hospital's troubles led the state of Vermont to extend an $800,000 loan after the departures of the Springfield's CEO and CFO.

Michael Halstead, the hospital's interim CEO, and other management have taken a 10 percent pay cut, while there have been 4 percent cuts for hourly employees. Twenty-seven people have been laid off.

"If the hospital had been able to make some of those changes quicker, this last year might not have been as negative as it turned out to be," said Mr. Halstead said.

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