South Charleston, W.Va.-based Thomas Health has emerged from bankruptcy, about eight months after entering the Chapter 11 restructuring process, according to local news station WCHS.
Thomas Health filed for bankruptcy in January. The health system cited many financial challenges, including issues that affected healthcare delivery in the state, reduced reimbursements and the shift to outpatient care.
The plan to emerge from bankruptcy was approved by a judge In August. Under the plan, Rosemawr Management, New York-based investment adviser helped Thomas Health pay $145 million in debt at a discounted rate.
"We began the restructuring process with a clear goal of strengthening our balance sheet for long-term growth and success," Dan Lauffer, president and CEO of Thomas Health, told WCHS. "The ability to achieve our goal is a testament to our committed staff and physicians. We have ambitious plans for Thomas Health to further support not only our communities and patients, but also our highly skilled physicians and employees."
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