Iron County Medical Center, a critical access hospital in Pilot Knob, Mo., has faced financial troubles for months, and the facility filed for bankruptcy protection Wednesday.
Here are four things to know.
1. The hospital, which is owned by the Iron County Hospital District, filed for Chapter 9 bankruptcy — a bankruptcy proceeding that offers distressed municipalities protection from creditors while a repayment plan is negotiated.
2. Iron County Medical Center CEO Joshua Gilmore told KFVS bankruptcy protection will help the hospital achieve financial stability. "I, along with my team of very dedicated employees, have been working diligently and tirelessly to find ways to remedy the situation," Mr. Gilmore said regarding the hospital's financial position. "While we have made progress in many areas, we have not been able to pay down our debts in a manner that provides us the protection we need to get to short-term viability and long-term sustainability."
3. In its bankruptcy petition, the Iron County Hospital District listed assets between $1 million and $10 million and liabilities between $10 million and $50 million.
4. Hospital leaders are asking Iron County residents to vote in favor of a half-cent sales tax on the April ballot. The tax would generate roughly $350,000 to $420,000 annually for the hospital.
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