East Orange General Hospital 2nd Hospital in Essex Co NJ to File Bankruptcy
East Orange General Hospital needed some serious help. The very welfare of its patients was at risk if the hospital had to close its doors. East Orange General Hospital sought out the assistance of a bankruptcy attorney. The Hospital made the decision to file for bankruptcy protection from its creditors in order to survive. The hospital is on the verge of being sold, but the debt had to be addressed by the hospital. The hospital had reached a critical point. It was facing shutting its doors because of almost $26 million in debt.
The bankruptcy attorney made it clear that the goal – of the bankruptcy filing is to allow East Orange General Hospital to remain open and continue to provide much needed care to its patients. The bankruptcy filing will allow the hospital to renegotiate its debt with lenders without shutting down. This will hopefully let the hospital clear its balance sheet pending the sale of the facility to Prospect Medical Holdings. The Los Angeles based Prospect Medical Holdings has agreed to buy the 211 bed hospital for $84 million.
East Orange General Hospital – 2nd Hospital in NJ to File Bankruptcy
East Orange General Hospital is the second hospital in Essex County, New Jersey to file bankruptcy in the last three months. Experts in the field blame the Affordable Care Act for driving up hospital costs. The efforts by the bankruptcy attorney are badly needed. The jobs of all the employees are at stake. Not to mention the patients who need the medical care provided by the facility. The bankruptcy filing will allow the hospital to emerge stronger. Then the sale will likely bring in a bigger company with a stronger balance sheet to put the hospital on stronger financial ground. The hope of all in the area is this will allow the hospital to be around for a long time to come. Providing care to the residents of Essex County.
If you an individual who finds yourself in financial trouble – with no obvious solution to solve the problems, consider calling and speaking with Howard Butler, a South Florida bankruptcy attorney working from his office in Broward County, FL, helping people solve their debt crisis and getting a fresh start. Call me, Howard Butler, at (954) 797-5338