HMC CEO describes hospital's financial state
The financial problems of Hillsboro Community Hospital operator HMC/CAH Consolidated are moving toward a positive resolution as soon as this summer, but those attending the community forum Tuesday at Hillsboro Community Hospital were cautioned one hurdle remains. HMC CEO Larry Arthur described for the approximately 60 attendees the complicated financial developments since November 2010 that led to the company's Chapter 11 bankruptcy filing in October. The final blow came when a $6 million line of credit HMC used to facilitate daily financial operations was restructured in a way that allowed the creditor to collect HMC's deposits, apply them toward outstanding debt, and then loan cash back to HMC.
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