Catholic Health World
| February 15, 2010 |
Volume 26, Number 3 |
Court paves the way for St. Mary's to emerge from bankruptcy
On Feb. 2, a U.S. bankruptcy court approved a plan that St. Mary's Hospital of Passaic, N.J., had laid out for its emergence from Chapter 11 bankruptcy.
St. Mary's had filed for bankruptcy in March 2009, citing declining patient volumes, fallout from the economic recession and expenses incurred in a 2007 facility acquisition.
The approval of the reorganization plan by the U.S. Bankruptcy Court District of New Jersey will enable St. Mary's to exit Chapter 11 protection. Hospital administrators said the hospital is stronger than it was prior to the filing, and it is now positioned for growth.
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