Healthcare Business News
Gingrich Group, founded by Newt Gingrich, filed for Chapter 7 bankruptcy.
Gingrich Group, founded by Newt Gingrich, filed for Chapter 7 bankruptcy.

Late News: Gingrich Group creditors include healthcare organizations

By Modern Healthcare
Posted: April 7, 2012 - 12:01 am ET

A number of healthcare organizations are among the creditors in a Chapter 7 bankruptcy filing by the Gingrich Group, which does business as the Center for Health Transformation, a healthcare policy consulting firm founded by former House Speaker and Republican presidential candidate Newt Gingrich. Chapter 7 translates into “liquidation,” or the sale of a debtor's nonexempt property and the distribution of proceeds to creditors. According to the filings in the U.S. Bankruptcy Court in Atlanta, it's estimated that the corporation has between 50 and 99 creditors, assets between $50,001 and $100,000, and liabilities ranging from $1 million to $10 million.

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The Blue Cross and Blue Shield Association, the Cancer Treatment Centers of America, Intermountain Healthcare, Merck & Co., Sutter Health and WellStar Health System are listed as some of the company's creditors. Gingrich stepped down from the company when he began his bid for the GOP presidential nomination. “WellStar Health System enjoyed a very positive relationship with the Center for Health Transformation over the past several years and its bankruptcy filing is unfortunate,” WellStar spokesman Keith Bowermaster said in a written statement. “WellStar contributed to the Center while at the same time learned from it. We are sorry to see it go away.”

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