North Adams (MA) Regional Hospital files for Chapter 11
The parent company of North Adams Regional Hospital filed for Chapter 11 bankruptcy protection on Monday in U.S. Bankruptcy Court in Springfield. Northern Berkshire Healthcare officials say the move is necessary: Six months of intense negotiations with bondholders hasn't yielded an agreement that would restructure and permanently reduce the organization's $43 million in bond debt. NBH's overall debt, which includes capital leases and mortgages, is $49.5 million. Much of the $43 million in bond debt is related to the expansion of North Adams Regional Hospital and the remaining debt associated with the purchase of the Sweet Brook nursing home and the Sweetwood assisted living facility in 1999. Board of Trustees Chairman Dr. Arthur Turton said Chapter 11 will allow the organization to restructure its debt to a more manageable size and emerge from bankruptcy protection proceedings with a more fiscally.
- CFO Exchange: Smartphones Poised to Disrupt Healthcare, Says Topol
- How Digital Strategy Shapes Patient Engagement at Boston Children's Hospital
- Half of All Primary Care, Internal Medicine Jobs Unfilled in 2013
- CNO on Hospital Redesign: 'You Can't Over-Communicate'
- Carondelet to Pay $35M to Settle Fraud Allegations
- Consumerism Drives Healthcare Branding, Rebranding Efforts
- PA Ranks See 'Phenomenal Growth,' Lack of Diversity
- Some Cancer Hospitals' Quality Data Will Soon Be Public
- 3 Traits Personality Assessments Can't Reveal
- CA Powers Up $80M HIE to 'Create Value in the Data'