Natchez (Miss.) Regional Medical Center will make its final payment to creditors next week, meaning the 179-bed hospital is now free from Chapter 9 bankruptcy, according to a Natchez Democrat report.
The hospital filed for bankruptcy in February 2009 and came after the hospital's board fired its former management company, Brentwood-Tenn.-based Quorum Health Resources. NRMC also sued QHR in December 2009, as well as the former CEO and CFO provided by the management company, for $46 million in damages for negligence, breach of fiduciary duties, fraud and other wrongful acts allegedly committed in 2006 and 2007.
NRMC posted a profit of $161,407 this fiscal year, and it expects net income in FY 2013 could reach almost $1 million if the legal fees associated with the QHR lawsuit are cleared, according to the report.
The hospital filed for bankruptcy in February 2009 and came after the hospital's board fired its former management company, Brentwood-Tenn.-based Quorum Health Resources. NRMC also sued QHR in December 2009, as well as the former CEO and CFO provided by the management company, for $46 million in damages for negligence, breach of fiduciary duties, fraud and other wrongful acts allegedly committed in 2006 and 2007.
NRMC posted a profit of $161,407 this fiscal year, and it expects net income in FY 2013 could reach almost $1 million if the legal fees associated with the QHR lawsuit are cleared, according to the report.
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