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Pontiac, MI, hospital out of cash

Detroit Free Press, August 28, 2008

Pontiac, MI-based North Oakland Medical Centers Inc. has filed for bankruptcy protection after running out of cash. The hospital is to be sold in October to a group of senior physicians, and is now seeking a loan to stay open until the sale. The hospital listed debt of as much as $100 million and assets of less than $50 million in a Chapter 11 petition filed in U.S. Bankruptcy Court in Detroit.