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Hospital declares Chapter 11 bankruptcy
Auburn Memorial Hospital petitioned for Chapter 11 bankruptcy Tuesday to reduce and restructure $20 million in debts with the goal of freeing up its cash flow for capital investment.
Hospital officials said Tuesday that the petition to restructure its debts was the last step necessary to complete a turnaround process begun after the hospital lost more than $13 million in 2004, 2005 and 2006. Officials also said the bankruptcy filing will not mean closure of the hospital, its clinics in Auburn and Skaneateles or the Finger Lakes Center for Living, employee layoffs or employees not being paid their regular paychecks.
“This was a difficult decision for us,” Robert Bergan, president of AMH's board of trustees, said Tuesday. “It was the correct decision and this is the way the hospital is going to complete the last component of our turnaround.”
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