A U.S. Bankruptcy Court judge on Thursday approved a plan to have Auburn Memorial Hospital emerge from bankruptcy.
The ruling means that the process that started in April 2007 has been completed, and that creditors will see a portion of their pre-bankruptcy debts paid back in 30 to 45 days.
AMH has been operating for more than a year under Chapter 11 bankruptcy protection after a period of significant financial losses and mounting debt forced the hospital into bankruptcy in April 2007. The hospital filed a proposed reorganization plan as part of that process.
Earlier this year, the hospital reached an agreement with key creditors in the bankruptcy case, clearing the way for it to emerge from bankruptcy.
Read the full report in Friday's edition of The Citizen.
The ruling means that the process that started in April 2007 has been completed, and that creditors will see a portion of their pre-bankruptcy debts paid back in 30 to 45 days.
AMH has been operating for more than a year under Chapter 11 bankruptcy protection after a period of significant financial losses and mounting debt forced the hospital into bankruptcy in April 2007. The hospital filed a proposed reorganization plan as part of that process.
Earlier this year, the hospital reached an agreement with key creditors in the bankruptcy case, clearing the way for it to emerge from bankruptcy.
Read the full report in Friday's edition of The Citizen.
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