NY health network files for bankruptcy protection
In a move that had been anticipated since this spring, the operators of Buffalo Sheehan Health Network—the mothballed Sheehan Memorial Hospital on the city's East Side—have officially filed for Chapter 11 protection under the U.S. Bankruptcy Code. The 100-page petition, filed with U.S. Western District Bankruptcy Court Chief Judge Carl Bucki, showed that Sheehan had assets of $6.3 million and liabilities of $5.45 million. The bulk of the assets includes the eight acres on Michigan Avenue where the 270,000-square-foot hospital sits. The property is listed as having a $3 million book value.
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