Brockton (Mass.) Hospital recently fell into a technical default when it was unable to maintain a cash balance as required by its bondholders, according to a report by the Boston Business Journal.
The 233-bed hospital, part of Signature Healthcare, does not have enough cash to cover its expenses for two months, which puts it in violation of covenants in its 2002 bond offering. If the problem is unresolved, lenders could seize its assets or revenue.
The hospital said its cash-flow problems partly stem from an ongoing dispute with the state over Medicaid reimbursement rates.
Read the Boston Business Journal’s report on Brockton Hospital.
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