Oklahoma City-based Foundation HealthCare, which owns and operates surgical hospitals in Oklahoma and Texas, has emerged from Chapter 11 bankruptcy protection, according to Bankruptcy Data.
The company filed for bankruptcy June 20. Documents filed in the case showed Foundation HealthCare faced significant financial challenges since at least 2016, and the company had explored several options to overcome its cash flow shortage without success.
Under the Chapter 11 plan, which the bankruptcy court confirmed Sept. 11, Foundation HealthCare will liquidate its assets that were not foreclosed on prior to the bankruptcy case.
Foundation HealthCare had $120 million in pre-petition assets, according to Bankruptcy Data.
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