Sheehan Health Network, parent organization of the now-closed Sheehan Memorial Hospital in Buffalo, N.Y., has filed for Chapter 11 bankruptcy, according to a Buffalo News report.
Sheehan listed $6.3 million in assets and $5.5 million in liabilities. The biggest asset was the 270,000-square-foot hospital and the eight-acre site, which is expected to be sold to pay some of the former hospital's creditors. Sheehan's biggest creditors include the state of New York, which is owed $1.9 million for Medicaid overpayments, and General Electric Capital Corp., which is owed more than $485,000, according to the report.
Sheehan closed earlier this summer after more than 120 years of operation. The hospital has faced financial pressures for the past decade and previously filed for bankruptcy in the early 2000s.
Sheehan listed $6.3 million in assets and $5.5 million in liabilities. The biggest asset was the 270,000-square-foot hospital and the eight-acre site, which is expected to be sold to pay some of the former hospital's creditors. Sheehan's biggest creditors include the state of New York, which is owed $1.9 million for Medicaid overpayments, and General Electric Capital Corp., which is owed more than $485,000, according to the report.
Sheehan closed earlier this summer after more than 120 years of operation. The hospital has faced financial pressures for the past decade and previously filed for bankruptcy in the early 2000s.
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