The Lower Bucks Hospital in Bristol, Pa., has moved a step closer to reemerging from bankruptcy as its redevelopment plan was approved unanimously by county commissioners, according to a PhillyBurbs.com report.
The plan permits mixed use on vacant or unused lands belonging to the hospital and designates the hospital property as "blighted." The hospital owns four empty houses and one empty lot on its main property. The "blighted" designation will allow the Bucks County Redevelopment Authority to take the hospital's title and borrow $14 million to help it emerge from Chapter 11 bankruptcy. The hospital will use its 0.5 percent of the revenue from a nearby casino to repay the authority with interest over 20 years and buy back the property.
The hospital is working on a restructuring plan, which may be submitted to the U.S. bankruptcy court by the end of the week, that includes financial plans for reemerging from bankruptcy. As part of this plan, the hospital has set aside millions of dollars for future capital improvements to the building and property.
Read the PhillyBurbs.com report on Lower Bucks Hospital.
Related Articles on Hospital Bankruptcy:
Massachusetts' Quincy Medical Center Files for Bankruptcy Amidst Steward Acquisition
Judge: Randolph Medical Center Cannot File for Bankruptcy
Hawaii Medical Center Files for Second Chapter 11 Bankruptcy
The plan permits mixed use on vacant or unused lands belonging to the hospital and designates the hospital property as "blighted." The hospital owns four empty houses and one empty lot on its main property. The "blighted" designation will allow the Bucks County Redevelopment Authority to take the hospital's title and borrow $14 million to help it emerge from Chapter 11 bankruptcy. The hospital will use its 0.5 percent of the revenue from a nearby casino to repay the authority with interest over 20 years and buy back the property.
The hospital is working on a restructuring plan, which may be submitted to the U.S. bankruptcy court by the end of the week, that includes financial plans for reemerging from bankruptcy. As part of this plan, the hospital has set aside millions of dollars for future capital improvements to the building and property.
Read the PhillyBurbs.com report on Lower Bucks Hospital.
Related Articles on Hospital Bankruptcy:
Massachusetts' Quincy Medical Center Files for Bankruptcy Amidst Steward Acquisition
Judge: Randolph Medical Center Cannot File for Bankruptcy
Hawaii Medical Center Files for Second Chapter 11 Bankruptcy