After reporting a net loss of $2 million in 2014, Albuquerque, N.M.-based Atrinea Health and three affiliates filed Chapter 11 bankruptcy May 14, according to Albuquerque Business First.
The affiliated companies include Santa Fe, N.M.-based Corazon Family Health, Santa Fe (N.M.) Medical Group and Atrinea Ruidoso (N.M.), and together provide primary care, outpatient care and urgent care across 14 clinics in Arizona and New Mexico.
When the four companies filed an emergency motion to use cash collateral with the U.S. Bankruptcy Court, it agreed to administer the cases jointly, according to the report. The motion gave unfavorable business decisions, increased expenses and outstanding loans as reasons for the bankruptcy filing.
"Atrinea was a very positive place to be and I think folks took advantage of that," Atrinea Health CEO Drew Markell said, according to the report. He added that business deals "burdened the organization to the point that we couldn't move forward due to the financial obligations."
Mr. Markell said Atrinea Health does not expect to shut down, according to the report.
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