Category Archives: Bankruptcy

TribLIVE's Daily and Weekly email newsletters deliver the news you want and information you need, right to your inbox.

Gov. Tom Wolf on Friday announced more than $450 million in low-interest loans meant to keep hospitals afloat as they continue to lose revenue amid the coronavirus pandemic.

Hospitals statewide have canceled elective surgeries and non-urgent procedures to free up bed space and limit the spread of covid-19. At the same time, they have shifted medical equipment and other resources to meet the states virus needs.

Wolf said that combination of increased costs and decreased revenue has shaken hospitals financially.

We cannot allow our hospitals to go bankrupt, he said.

The loan package the Hospital Emergency Loan Program will provide immediate funding to hospitals, according to the governors office. The funding is from the Pennsylvania Infrastructure Investment Authority (PennVEST) and will be administered by the Department of Community and Economic Development.

Though some may be struggling more than others, hospitals statewide have seen their revenues drop by an average of 40% in the weeks since the statewide shutdown and cancellation of elective and non-urgent procedures, the Hospital Association of Pennsylvania reports.

We see the same type of impact that hospitals across the state and across the nation see from the reduction of elective services, said Richard Chesnos, chief financial officer of St. Clair Hospital, a 329-bed facility about six miles south of Downtown Pittsburgh that supports 120 physicians and employs about 2,500.

Hed like to see the state go a step further and create an emergency response fund to support the continuum of care including not only hospitals but also other providers such as physicians practices, long-term care facilities and post-acute care centers.

Another big help would be for the state to cancel the next two monthly quality assessments effectively a fee or tax paid by hospitals to the state. Doing so for the payments due May 1 and June 1 would save St. Clair Hospital more than $3 million, Chesnos said.

As of 4 p.m. Friday, more than 2,000 people were hospitalized with the virus across the state, and nearly 600 were on ventilators, according to Department of Health data.

Hospitals across Pennsylvania should be focused on saving lives, not worrying about how to make ends meet until federal relief funds arrive months from now, said state Treasurer Joe Torsella, whose office must approve any investments made by the PennVEST board.

The maximum loan for any one hospital is $10 million, with an interest rate of 0.5%.

St. Clair Hospital, with about $365 million in annual operating income and more than $450 million in net assets, is in a stronger position than a lot of the hospitals are, Chesnos said. Hed like to avoid taking on interest payments unless absolutely necessary.

The state program is meant to provide hospitals relief until federal funding through the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is made available.

Its a good start, said Chesnos, but there still needs to be additional legislation to help hospitals, both at the state and federal levels.

Federal funding begins flowing to all hospitals

Separately, officials learned that U.S. hospitals and health care providers will share in $30 billion from the first round disbursed via the CARES Act federal governments coronavirus relief stimulus package.

A total of $100 billion is earmarked for health care providers in the legislation.

More than 12,600 Pennsylvania health care facilities will receive a total of $1.25 billion via the initial round, according to U.S. Sens. Bob Casey, D-Scranton, and Pat Toomey, R-Lehigh Valley. It was not clear late a Friday precisely how much each hospital will get.

That will ease some of the pain, but theres so much more to do, Chesnos said.

Excela officials said they were disappointed that the funding formula used for the first round did not follow a proposal of $25,000 per hospital bed, as advocates by the American Hospital Association. They pointed out that the Centers for Medicare Services excluded Medicare Advantage revenue from the formula.

This will significantly reduce funds received by all Western Pennsylvania hospitals, which has one of the highest percentages of Medicare Advantage enrollees in the United States, Excela CEO Tom Albanesi said in a statement. We are hopeful that we can persuade CMS to correct this oversight in the next round of supplemental funding by utilizing a formula that acknowledges areas with heavy Medicare Advantage penetration.

UPMC spokeswoman Erin Hare said officials still are evaluating the amounts and types of funding that their facilities may be getting or seeking. She expected to have more details by next week.

Megan Guza and Natasha Lindstrom are Tribune-Review staff writers. You can contact Megan at 412-380-8519, mguza@triblive.com or via Twitter @meganguzaTrib. Contact Natasha at 412-380-8514, nlindstrom@triblive.com or via Twitter @NewsNatasha.

Categories:Coronavirus | Health | Local | Pennsylvania | Regional

TribLIVE's Daily and Weekly email newsletters deliver the news you want and information you need, right to your inbox.

View original post here:

Fearing hospital bankruptcy, Gov. Wolf offers $450M in loans to financially strapped providers - TribLIVE

Bankruptcies related to COVID-19 shutdowns will set records in the next 12 months, according to Edward Altman, the professor emeritus at New York Universitys Stern School of Business who developed a widely used method called the Z-score for predicting business failures.

Whether its corporate bankruptcies or personal, this is unprecedented, Altman said in an interview. We will break the record in dollar amounts because there are much greater amounts of debt outstanding now than in any prior downturn.

At this point, he isnt predicting record-breaking bankruptcy rates in the next year despite the surge in unemployment. Almost 17 million Americans filed jobless claims over three weeks following nationwide business shutdowns.

New research from economists at three Federal Reserve banks shows coronavirus-related bankruptcies could rise by 200,000 to reach almost 1 million, unless government stimulus programs offset the increase.

By comparison, personal bankruptcies peaked at about 1.5 million in 2010 near the end of the Great Recession.

The model created by the economists at the regional Fed banks Juan Sanchez in St. Louis along with Kartik Athreya in Richmond and Jose Mustre-del-Rio in Kansas City doesnt predict that the number of U.S. bankruptcy filings will be as high as after the financial crisis.

But it could happen because the economy could deteriorate more than what we assume, Sanchez said. And their model doesnt take into account medical bills, which could be a big factor for some households during this public-health crisis depending on how much the government helps with these expenses.

Personal bankruptcies were rising in some places even before the coronavirus began wreaking havoc on jobs and finances, according to a report on first-quarter filings released this week by the American Bankruptcy Institute.

The U.S.-China trade war hit Iowa farmers and their communities hard, while diminished shale drilling led some Texas energy companies to cut jobs.

People in the southern U.S. Americas poorest region were more apt per capita to file petitions than in other parts of the country, according to the report. Its also an area where some scientists expect to see higher rates of sickness and death from coronavirus.

We definitely think that we will see a significant increase in filings, the magnitude of which will depend on how long and deep the economic crisis goes on, said Amy Quackenboss, the bankruptcy institutes executive director.

See the original post:

Bankruptcies expected to soar in next year | Business - Huntington Herald Dispatch

Kevork Djansezian | Getty Images News | Getty Images

Less than 24 hours after the Treasury Department formally extended cash grant offers to the six largest airlines in the U.S., the union representing 120,000 flight attendants is blasting the move with a dire warning.

"This will lead to airline bankruptcies," said Sara Nelson, president of the Association of Flight Attendants union. "The Treasury Department is destabilizing the industry, not helping save it."

Nelson's anger is fueled by the Treasury Department deciding to make30% of each cash grant offer a low interest loan payable to the federal government.

That move, which caught many airline executives by surprise, means the $25 billion approved by Congress for immediate cash grants will actually be$17.5 billion. The other $7.5 billion will now be loans airlines will be required to re-pay.

"This is not what Congress approved," said one industry executive who asked not to be identified given the ongoing discussions between airlines and the Treasury Department. "The aid was supposed to be $25 billion in cash grants and $25 billion in loans."

While Congress may have intended for $25 billion in immediate cash assistance to be money airlines would not have to re-pay,the CARES Act gaveTreasury Secretary Steven Mnuchin the latitude to set terms and conditions for the cash grants.

"It is our objective to make sure, as I have said, that this is not a bailout, but to make sure that airlines have the liquidity to keep their workers in place," Mnuchin told CNBC on Thursday as the Treasury Department was finalizing the grant offers.

When the offers came on Friday, they included the stipulation airlines accepting grants not lay off employees before September 30th, a requirement all carriers have already committed to meeting. Still,executives at multiple airlines told CNBC they were surprised by the loan component in the grants. They say it meansTreasury will award just over half of the money they requested to cover their payrolls for the next six months.

When airlines submitted their grant applications, they included Form 41 documents which are filed regularly with the Department of Transportation detailing payroll obligations. For the industry, the total payroll obligations April 1st through September 30th is approximately $31 Billion. If Treasury awarded $25 Billion in immediate cash, it would cover 80% of airline payroll needs. The Treasury Department's current plan to award $17.5 Billion in cash grants covers 56% of the $31 billion the airlines requested.

Nelson says reducing the immediate cash amount airlines will not have to repay amounts to Treasury taking money Congress earmarked to immediately pay airline workers and turning it into a loan airlines may opt not to take. Nelson and her team spent Friday trying to reach members of the a Treasury Department to discuss Secretary Mnuchin's plan for awarding grants. "We have called, we have sent e-mails, but there has been no conversation with Treasury," she said.

The leadership teams of airlines have spent much of the weekend discussing whether or not to take the grants. "It's starting to not be worth it," a senior airline executive told CNBC when asked if they would accept the cash grant. "I could see airlines just laying people off because it's cheaper."

Critics of the $50 billion airline bailout say U.S. carriers should not receive cash grants from the federal government and should instead restructure in bankruptcy or borrow billions more in order to have the liquidity needed to withstand the the rapid drop in business.

Read the original post:

'This will lead to airline bankruptcies' flight attendant union furious with Treasury bailout offers - CNBC

The Swiss government announced Thursday that it will look at temporarily amending its bankruptcy laws during the coronavirus crisis to help companies that have encountered cash-flow problems and mounting debt.

The government warned on Wednesday that the Swiss economy could shrink as much as 10.4 percent this year. Justice minister Karin Keller-Sutter said that companies that were previously safe are now being threatened.

The measures are meant to help companies hurt by coronavirus over the hump, but not to keep failing operations on life support. The measures are also meant to help Switzerlands exporters, which are being impacted due to a failing demand from other countries.

The government said that a halt on debt collections and a court holiday would end on April 19, and that it would look at moving civil court proceedings to a teleconference platform to maintain the operation of the justice system.

Read the original:

Switzerland to amend bankruptcy laws to aid companies during COVID-19 pandemic - JURIST

All Chinese businesses, large and small, have struggled since COVID-19 emerged at the beginning of this year, forcing stores, restaurants, and factories to cut down on hours or completely shutter. While the full economic impact of the outbreak on Chinas economy is still uncertain, popular business writer W Xiob detailed in a recent report that about 247,000 Chinese companies declared bankruptcy in the first two months of 2020.

Wu Xiaobos financial blog revealed(in Chinese)that Guangdong was the most impacted province, with over 30,000 firms going out of business in January and February, followed by Shandong, Jiangsu, Sichuan, and Zhejiang.

The observation echoes a string of previous surveys showing many Chinese companies, especially small businesses, feeling the pinch as the pandemic brought consumer activity to a halt. Almost 36% of the private-owned firms that responded to a survey conducted by Tsinghua University in February said that they were hammered by the economic fallout from the outbreak and did not expect to survive after a month. In another survey released in February, more than 60% of the small and medium-sized enterprises in Shandong said that they could only hold out for a maximum of three months under current conditions.

Unsurprisingly, Wu also noted that new companies were the most vulnerable businesses affected by the crisis. Of the companies that pulled the plug in January and February, roughly 55% were startups under three years old.

When it comes to specific sectors, Wu says that companies in the hospitality and retail industry have been going through a particularly rough time because people were advised to practice social distancing and avoid public places. This is in line with a report released by China Chain Store and Franchise Association (CCFA) about two months ago, which showed that retail shops in China were experiencing a 50% sales drop, with restaurants making only 30% of their normal profits. Other sectors that were seriously impacted by the knock-on effect of the outbreak include rental services, construction, and farming.

While the pandemic is devastating to most companies, some businesses have been thriving in the crisis. According to business data platform Tianyancha(in Chinese), since February, more than 28,000 companies across China have expanded their scope to include healthcare-related services and the manufacture of medical equipment such as thermometers and masks. Internet-based firms have also seized the opportunity to grow as people face a new reality in which online classes and virtual meetings have become the norm.

Wus report also notes that given the large-scale closure of government offices in January and February, a considerable number of companies in serious financial trouble were unable to file for bankruptcy. As China slowly grinds back into activity starting this month, the report predicts that more bankruptcy applications will go through in the next two months and more companies will officially go out of business.

Read the rest here:

More than 240,000 Chinese companies declare bankruptcy in the first two months of 2020 - SupChina

More than a million Canadians believe they are on the verge of having to declare bankruptcy, according to the findings of a new poll released Thursday.

The survey conducted by DART & maru/Blue found an even larger group 4.2 million Canadian adults said they consider themselves to be heading towards bankruptcy over the next three months unless their personal financial conditions improve.

Middle-aged and younger Canadians with middle-to-lower incomes appear most vulnerable to bankruptcy, the survey found.

This will be the next wave that we will have to keep a close eye on over the next couple of months

This middle-age, middle-income group is going to get hammered the hardest with the reduction of jobs and lost income, said John Wright, a partner at DART.

This will be the next wave that we will have to keep a close eye on over the next couple of months.

He said his groups polling from the outset of the pandemic crisis in North America has consistently shown that between four and five per cent of the Canadian population believes themselves to be in either dire or desperate circumstances over the next three months.

Geographically, people who consider themselves headed towards bankruptcy in the short-term are most likely to be found in Alberta, Saskatchewan and Manitoba, the survey released Thursday found. This is perhaps not surprising, given that western Canada has been hit by a second economic shock from low oil prices at the same time as the economy ground to a near halt.

With the widespread shutdowns of non-essential businesses halting or crimping paycheques across the country, and government aid just beginning to roll out, many financial institutions have made concessions for their customers during the COVID-19 outbreak. This has included allowing many to defer payments on personal loans including mortgages and credit cards.

Nevertheless, the survey found almost one in 10 primary residence mortgage holders believe default is imminent over the next three months.

After examining their current financial situation over the next three months including all government measures to support them and their home ownership including payment deferrals eight per cent affirm they wont be able to pay the mortgage and will begin to default without greater help, the survey found.

A small fraction of those believe they will have to sell their house because they wont be able to cover any loans.

The poll was released as new unemployment figures showed that Canada lost over one million jobs in March, the largest monthly employment decline ever.

Wright said the unemployment numbers released Thursday are the thin edge of the wedge as cascading effects of the clampdown have yet to emerge in official figures.

I suspect that we will see a widespread increase in these numbers and in bankruptcies, and in (defaults on) mortgages over the next 30 to 60 days, he said. Thats the simple math of how much income people have and how much debt they are carrying.

He added that the number of such financial casualties could increase over the next year, with Prime Minister Justin Trudeau indicating Thursday that restrictions, in some form, could remain in place for a year or more while a vaccine against COVID-19 is developed and made available.

The Dart survey was conducted April 1 and 2 among 3,030 Canadian adults randomly selected from maru/BLUEs online panel. A subset of more than 1,000 who own a primary residence with a mortgage were surveyed, with results of that sub-sample considered accurate to within 3.4 percentage points. The results were weighted by education, age, gender, and region to match the Canadian population, according to Census data.

Email: bshecter@nationalpost.com | Twitter:

Read more from the original source:

More than a million Canadians believe they are on verge of bankruptcy, new poll suggests - Financial Post

Law360, London (April 9, 2020, 6:59 PM BST) -- A London judge on Thursday paused extraordinary bankruptcy proceedings against an Indian magnate facing extradition from the U.K. on fraud charges, saying he has to be given a chance to settle his 1.05 billion ($1.3 billion) debt with several banks in India.

High Court Judge Michael Briggs adjourned the banks effort to bankrupt Vijay Mallya as a prelude to seizing his assets in the U.K., ruling that theyre trying to claw back their debts even though the businessman has launched a number of legal fights in India.

One of those challenges could see Indias Supreme Court produce a settlement between Mallyas...

In the legal profession, information is the key to success. You have to know whats happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

TRY LAW360 FREE FOR SEVEN DAYS

See the rest here:

Beer Tycoon Delays Bankruptcy As Bank Fight Turns To India - Law360

Alaskan airline RavnAir's decision to file for bankruptcy Sunday is expected to delay the ability for remote communities in the state to be tested for COVID-19.

RavnAir, which operated RavnAir Alaska, PenAir and RavnAir Connect, announced its bankruptcy Sunday in a statement, saying it lost 90 percent of its revenue from passengers due to traveling concerns associated with the coronavirus. The airline had canceled all flights indefinitely last week.

The Yukon-Kuskokwim Health Corp. (YKHC), which operates a hospital in Bethel and clinics in 48 surrounding villages, planned to start village-based testing last week, before the airlines announcement, Anchorage Daily News reported.

But spokeswoman Tiffany Zulkosky told The Hill in a statement that none of the communities served by the corporation are accessible by road, and 18 are left without any scheduled passenger or cargo service at this time.

Lack of regularly scheduled passenger and cargo service threatens the life and well-being of thousands of Alaskans, while also endangering a delicate supply chain including the movement of lab samples (like COVID-19 testing kits, blood draws), delivery of chronic medications, personal protective equipment, and much more, she said.

Without RavnAir Group, the health corporation cannot deliver fragile medications like insulin and cannot retrieve medical samples before they expire. Zulkosky said it is chartering flights to move patients and supplies in high need circumstances but acknowledged it is not a long-term solution.

YKHC President and CEO Dan Winkelman cautioned in a statement that If a large COVID-19 surge happens simultaneously in numerous villages, our health system will be overwhelmed.

Moreover, under a worse case scenario, even with National Guard support, there will likely not be timely medevacs for all patients and people would die, he added.

The first coronavirus case was identified in Bethel on Monday as the Alaska Native Tribal Health Consortium works to send out 2,400 COVID-19 test kits and 40 rapid testing machines, each with 48 test kits, to the states rural communities.

The supplies will be given to tribal health organizations like YKHC for distribution, according to Anchorage Daily News. YKHC is slated to receive four machines but will struggle reaching its communities.

The airline was a main source of transportation for passengers, freight and mail to 115 rural Alaska communities, Anchorage Daily News reported.

RavnAir Group cited its need for additional funding as reasoning to ground its 72 planes last week in its Sunday statement. All employees were laid off until the company is in a position to cover the costs of rehiring, resuming flights and operating to the many communities it serves through our state.

Meanwhile, other airlines such as Grant Aviation, Ryan Air and Yute are trying to provide minimum service to communities previously only accessible by RavnAir Group, which reduces the number of flights in other communities in the state.

YKHC spokeswomanZulkosky said it could take several weeks or a month for these airlines to fill in the gaps.

Alaska Gov. Mike Dunleavy (R) banned all nonessential travel in the state and issued a stay-at-home order at the end of March. The state has confirmed 226 coronavirus cases, leading to 27 hospitalizations and seven deaths so far.

Read the original here:

Alaskan airline's bankruptcy expected to delay testing, treatment for remote communities | TheHill - The Hill

Enacted March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) places short-term obligations and restrictions on lenders and servicers of federally backed loans. As part of these limitations due to Coronavirus Disease 2019 (COVID-19), lenders and servicers are temporarily subject to moratoriums on foreclosures, mandatory forbearance obligations, and revised credit reporting obligations. For borrowers currently in bankruptcy or who received a discharge but retained real property and continued making payments thereon, lenders and servicers should proceed with caution to minimize their risk of violating the Bankruptcy Code. This GT Alert outlines the obligations created by the CARES Act, identifies some potential litigation concerns, and discusses certain considerations for minimizing risk of exposure.

Key Provisions of the CARES Act

While the CARES Act provides relief to a wide swath of industries, companies, and individuals, there are two overarching considerations relevant to borrowers and the Bankruptcy Code.1First, the CARES Act makes three significant revisions to the Bankruptcy Code:

Increasing the cap for small business debtors seeking relief pursuant to the Small Business Reorganization Act under Subchapter 5 of the Bankruptcy Code from approximately $2.7 million to $7.5 million.

Removing COVID-19-related relief payments from calculations of (a) a debtors income for determining eligibility for Chapter 7 and Chapter 13 relief and (b) a debtors disposable income for a Chapter 13 Plan.

Permitting a Chapter 13 debtor with a confirmed Plan to modify the Plan based on material financial hardship resulting directly or indirectly from the COVID-19 pandemic, including extending payments under the Plan up to seven years after the debtors initial Plan payment was due.

Second, lenders and servicers dealing with consumer borrowers subject to the Bankruptcy Code, in addition to the automatic stay applicable under section 362 of the Bankruptcy Code during pending bankruptcy proceedings, should be aware of the following provisions of the CARES Act: (i) the moratorium on foreclosures and foreclosure-related evictions for federally-backed mortgages; (ii) the mandate for short-term forbearance accommodations for federally-backed mortgages; (iii) the suspension of GAAP requirements to permit loan modifications without designating a loan as a troubled debt restructuring; and (iv) revisions to Fair Credit Reporting Act (FCRA) obligations. For more in-depth discussions of these provisions under the CARES Act, please see ourApril 2 GT Alert on the Mortgage Foreclosure Moratoriumand ourApril 9 GT Alert on CARES Act and the FCRA. In addition, lenders and servicers should keep abreast of additional state-issued COVID-19 mandates, prohibitions, regulations, and guidelines for any state in which they service debts.

Potential Bankruptcy Issues

Because the CARES Act does not explicitly address the interplay between its statutory provisions and the Bankruptcy Code, lenders and servicers may wish to evaluate the status of borrowers and loans subject to the Bankruptcy Code. There are three general categories of debtors that warrant consideration given the requirements of the CARES Act:

Debtors that recently filed bankruptcy and request an accommodation when no Plan has been proposed or confirmed;

Debtors that are operating under a confirmed Chapter 11 or Chapter 13 Plan, and either become delinquent under the Plan or request an accommodation; and

Debtors who have received a discharge of their personal liability for a mortgage debt but elected to retain the subject property2and continue making monthly payments, and have either become delinquent or request an accommodation.

For borrowers that recently filed for bankruptcy, the CARES Act does not prohibit a post-petition request for an accommodation. Thus, lenders and servicers should be aware of any contact from debtors or their counsel seeking an accommodation pursuant to the CARES Act. At the same time, lenders and servicers should remain cognizant that any accommodations under the CARES Act are temporary in nature. Thus, negotiations of any Plan treatment or other post-petition payment terms that will extend beyond the expiration of the applicable stimulus provisions of the CARES Act should address how the terms will change after the temporary statutory benefits expire.

For borrowers operating under a confirmed Plan, lenders and servicers should be aware that debtors are entitled to request accommodations under the CARES Act and that Chapter 13 debtors are additionally able to seek modifications to their Plan extending payments up to seven years after the first payment was due under the Plan. This right to modification is provided to the debtor and does not require consent of the creditor, though requested modification must still comply with the requirements of sections 1322(a), 1322(b), and 1323(c) of the Bankruptcy Code.

For borrowers that have already received a discharge of their personal liability but retained real property subject to a security interest, lenders and servicers should recognize that the CARES Act extends to payment obligations generally, not just those that constitute personal liabilities. Post-discharge borrowers may, therefore, still request an accommodation, and lenders and servicers should follow the same protocol in granting accommodations and forbearances, as they would for borrowers still obligated under a promissory note.

Finally, as to borrowers in the second and third categories, lenders and servicers should be careful before filing any pleadings suggesting a default under a confirmed Plan or sending any pre-foreclosure notices until the expiration of the current foreclosure moratorium. Making any such filings or sending any such notices during the pendency of the moratorium period could be construed by a Bankruptcy Court as initiating a foreclosure process, which, in turn, could subject the lender or servicer to the risk of potential sanctions to the extent the Bankruptcy Court retains jurisdiction over any dispute. Further, for any property believed to be abandoned or vacant, lenders and servicers should confirm that status before proceeding with any foreclosure activity.

1All three of these revisions are temporary and will expire on March 27, 2021.

2Under the CARES Act, the foreclosure moratorium does not apply to abandoned or vacant property.

2020 Greenberg Traurig, LLP. All rights reserved.

Continue reading here:

Bankruptcy and Mortgage Servicing with CARES Act - The National Law Review

Help support our COVID-19 coverage

We're providing access to COVID-19 articles for free. Please help support our work by subscribing or signing up for an account. Already a subscriber? Log in.

Heartland Regional Medical Center

MARION Quorum Health Corporation, which owns Heartland Regional Medical Center and 22 other community hospitals across the country, announced Tuesday it filed for bankruptcy.

According to a statement posted to the companys website, Quorum Health filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

According to a news release from Heartland Regional Medical Center, the hospital is unaffected by the restructuring and remains open and available to provide care to patients. Hospital employees will continue to receive their wages and benefits for the work they perform, and patients and families should experience the same care that exists today.

This decision comes at a critical time when all hospitals are facing unprecedented challenges related to the coronavirus pandemic, Ed Cunningham, chief executive officer of Heartland Regional Medical Center, said. This is an important step toward long-term financial stability and will ensure that our hospital has the resources and cash flow needed to address the COVID-19 crisis and continue caring for patients and the community.

Quorum CEO Bob Fish said in the companys statement that the company has been transparent about the need to reduce its debt and its interest rate.

Visit link:

Heartland Regional Medical Center says operations unaffected by parent company's bankruptcy filing - The Southern