The operating authority of Pauls Valley (Okla.) General Hospital, a 64-bed county-owned hospital, has filed for Chapter 9 bankruptcy, according to an Oklahoman report.
The Pauls Valley Hospital Authority filed for Chapter 9 protection, which specifically provides for the reorganization of municipalities. McKesson, which is owed more than $571,000, is one of the hospital's biggest creditors, according to the report.
Pauls Valley General will operate as normal as it looks to restructure its debt, which has climbed into the millions. Oklahoma City-based SSM Health Care of Oklahoma, which has operated Pauls Valley General since February 2012, considered buying the hospital this past October, but the regional health system backed out "due to unforeseen circumstances," according to the report.
The Pauls Valley Hospital Authority filed for Chapter 9 protection, which specifically provides for the reorganization of municipalities. McKesson, which is owed more than $571,000, is one of the hospital's biggest creditors, according to the report.
Pauls Valley General will operate as normal as it looks to restructure its debt, which has climbed into the millions. Oklahoma City-based SSM Health Care of Oklahoma, which has operated Pauls Valley General since February 2012, considered buying the hospital this past October, but the regional health system backed out "due to unforeseen circumstances," according to the report.
More Articles on Hospital Bankruptcy:
Bankrupt Bamberg County Hospital in SC Prepares for Proposed HCA Buyout
Bankrupt California Hospital Lays Off 20 Employees
Southeast Arizona Medical Center Files for Bankruptcy