With Warren Hospital on life support, St. Luke's offers shot at recovery
Warren Hospital's application to become a member of St. Luke's Health Network represents the end of its financial rope, faced with an overwhelming debt of more than $67 million. There is no real plan B. "We'll have to look at financially restructuring our debt," Warren Hospital President/CEO Thomas H. Litz said. "Filing for Chapter 11 bankruptcy is a possibility, but I'm confident the deal with St. Luke's will go through." The debt includes a foreclosure, defaults on investments, bonds and a fine from the U.S Department of Justice related to Medicare billing, according to paperwork filed with state regulators and interviews with officials at both the hospital and the network. If the transaction gains New Jersey's blessing, St. Luke's would commit $25 million for Warren Hospital to become a member of its health network. A name change would then ensue and Warren Hospital would become St. Luke's Warren Hospital.
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