Lower Bucks was able to reorganize its financial plan thanks to a $14 million loan from the Bucks County Redevelopment Authority, according to the report. The BCRA took possession of the hospital property as a form of collateral.
The $14 million will go to the hospital’s creditors, and the hospital will then repay the loan and purchase its property back using funds from casino table game revenues.
“The hospital is now in a position to move forward on solid footing and continue providing area residents with excellent medical care,” said Albert Mezzaroba, president and CEO of Lower Bucks, in the report.
Related Articles on Hospital Bankruptcy:
Bankrupt Physician-Owned Hospital in Indiana Finds Lender
Doctors Medical Center in California Receives $8M From Private Lender
Shuttered Hawaii Medical Center Leads to 500 Layoffs
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