Oklahoma City-based Foundation HealthCare, which owns and operates surgical hospitals in Oklahoma and Texas, filed for Chapter 11 bankruptcy protection June 20.
Documents filed in the case, which is pending in U.S. Bankruptcy Court for the Northern District of Texas, show the company has faced significant financial challenges since at least 2016.
Foundation said in court documents that it explored several options to overcome its cash flow shortage without success.
University General Hospital in Houston, a subsidiary of Foundation HealthCare, also filed for Chapter 11 bankruptcy June 20. This is the second time UGH has entered bankruptcy — the hospital first filed for Chapter 11 protection in early 2015, prior to being acquired by Foundation for $33 million.
More articles on healthcare finance:
Georgia hospital lands last-minute buyer, avoids closure
California medical group files for bankruptcy
Illinois hospital seeks $10M property tax refund