Springfield (Vt.) Hospital officials are aiming to file a Chapter 11 bankruptcy exit plan within the next two months, according to Valley News.
Springfield Hospital entered bankruptcy in June 2019. Under the exit plan, which requires approval by the bankruptcy judge, the 25-bed hospital would separate from Springfield (Vt.) Medical Care Systems, according to the report.
"We believe [we] can be sustainable going into the future," Mike Halstead, interim CEO of Springfield Hospital, said during a budget hearing Aug. 20, according to the report.
Mr. Halstead said officials have been working to keep hospital expenses to a minimum since entering bankruptcy last year. Patient volume levels must return to pre-pandemic levels by Oct. 1 for the hospital to gain solid financial footing, he said, according to the report. At the end of June, the hospital had 56 days cash on hand.
If the bankruptcy plan is approved, the hospital is aiming to execute the plan by the end of this year, according to the report.