The hospital received a $3 million line of credit from Presidential Healthcare Credit Corp. in July 2008. The lawsuit claims that the hospital defaulted on the loan in early Oct. 2008 and that the hospital lost approximately $550,000 per month.
At the time of its closing, Brownsville Tri-County held more than $1.2 million in assets but had liabilities of more than $14.3 million.
Read The Valley Independent’s report about Brownsville Tri-County closing.
