Healthcare system present in multiple states files for bankruptcy protection

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Title : Healthcare system present in multiple states files for bankruptcy protection
Link : Healthcare system present in multiple states files for bankruptcy protection

Prospect Medical Holdings, a network of hospitals and affiliates across four states, filed for Chapter 11 bankruptcy late Saturday, along with its approximately 60 subsidiaries.

The Los Angeles-based company said in a press release that it plans to “realign its organizational focus outside of California.” Prospect Holdings plans to sell two Rhode Island facilities, the Roger Williams Medical Center in Providence and Our Lady of Fatima Medical Center in North Providence, to non-profit Centurion Foundation, pending court approval.

The company is also working with “key stakeholders outside of Rhode Island and with the Commonwealth of Pennsylvania” to sell its Pennyslvania-based Crozer-Chester Medical Center The company cited “a recent number of challenges” while explaining its decision to file for bankruptcy but did not go into detail about those challenges in the press release. More details about the challenges and headwinds are generally provided in subsequent court filings (known as First Day Motions). (Read More)