Saint Catherine Medical Center Fountain Springs in Ashland, Pa., has put all of its assets — ranging from plow trucks to wheelchairs — up for auction after a federal judge ordered the bankrupt hospital to liquidate all assets six months ago, according to a WNEP report.
In April, U.S. Bankruptcy Judge John Thomas ordered that Saint Catherine Hospital of Pennsylvania LLC, the owner of Saint Catherine Medical Center Fountain Springs, convert its bankruptcy case from Chapter 11 to Chapter 7. Chapter 11 allows hospitals to reorganize their businesses, but Chapter 7 bankruptcies involve the full liquidation of all assets and eventual closure.
More than 50,000 items are up for sale, and the hospital's bankruptcy trustee believes the auction could raise roughly $200,000, which would go toward creditor payment, according to the report.
In April, U.S. Bankruptcy Judge John Thomas ordered that Saint Catherine Hospital of Pennsylvania LLC, the owner of Saint Catherine Medical Center Fountain Springs, convert its bankruptcy case from Chapter 11 to Chapter 7. Chapter 11 allows hospitals to reorganize their businesses, but Chapter 7 bankruptcies involve the full liquidation of all assets and eventual closure.
More than 50,000 items are up for sale, and the hospital's bankruptcy trustee believes the auction could raise roughly $200,000, which would go toward creditor payment, according to the report.
More Articles on Hospital Bankruptcy:
Mendocino Coast District Hospital to Declare Chapter 9 Bankruptcy
Bankruptcy Court Calls for Investigation of Christ Hospital Sale
West Penn Allegheny Calls Off Highmark Merger