N.Y.’s St. Vincent’s files for bankruptcy protection
St. Vincent’s Catholic Medical Centers, New York, filed for Chapter 11 protection in U.S. Bankruptcy Court in New York, citing $1.09 billion in liabilities and $347.8 million in assets, court records show. The hospital system also filed for bankruptcy in 2005, emerging from that process in 2007. In recent weeks, St. Vincent’s has announced its plans to close its flagship St. Vincent’s Hospital-Manhattan and the resignation of its president and CEO, Henry Amoroso, 50. The flagship hospital posted a loss of $107 million on net revenue of $502 million in 2009, according to an affidavit filed by Mark Toney, the system’s chief restructuring officer. Overall, the system lost $64 million in 2009, according to the affidavit. Efforts to sell the hospital to a raft of not-forprofit suitors and for-profit HCA, Nashville, faltered, according to Toney’s affidavit.