A U.S. bankruptcy court has approved Beloit-based Community Health Systems of Wisconsin's bankruptcy plan, according to the Beloit Daily News.
The health system filed for Chapter 11 bankruptcy in March 2014 after it reported a $1 million deficit.
Although the process took nearly two years to complete, the health system's CEO, Julie Sprecher, is pleased with the outcome.
"It's been a lot of work, but we have a plan in place that will pay back all our creditors at 100 percent," Ms. Sprecher told the Beloit Daily News. "That is very rare in the Chapter 11 bankruptcy process."
Under the bankruptcy plan, Community Health Systems of Wisconsin will pay back creditors over the next five years.
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