NBH Board of Trustees Chairman Arthur Turton, MD, said the bankruptcy filing will allow NBH to restructure its debt, according to the report. NBH’s overall debt is $49.5 million and includes capital leases and mortgages. The majority of the debt — $43 million — is in bonds.
Most of the bond debt is related to the North Adams (Mass.) Regional Hospital expansion. The remaining debt is related to the purchase of the Sweet Brook nursing home and the Sweetwood assisted-living facility.
NBH hopes to complete bankruptcy proceedings in about six months.
Read the North Adams Transcript report on Northern Berkshire Healthcare’s Chapter 11 bankruptcy filing.
Related Articles on Hospitals and Bankruptcy:
Alabama’s Randolph Medical Center to File for Bankruptcy
Forum Health Cannot Use Donations to Pay Unsecured Creditors
Connecticut’s Johnson Memorial Medical Center Emerges From Bankruptcy
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