N.Y.’s St. Vin­cent’s files for bank­ruptcy pro­tec­tion

Modern Healthcare - - Late News -

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.

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