Monsour Medical Center, a 146-bed hospital in Jeannette, Pa., late last week filed an emergency petition for bankruptcy protection under Chapter 11 in U.S. Bankruptcy Court in Pittsburgh.
The hospital is experiencing "cash- flow problems," said John Lacher, one of its bankruptcy attorneys.
Although the filing listed about $3.3 million in liabilities, the hospital's liabilities likely amount to about $20 million and will be adjusted in a more complete petition to be filed later, Lacher said. Monsour Medical remains open and intends to keep treating patients.
Pennsylvania has become a target market for hospital chains in recent months (Jan. 22, p. 4), and an increasing number of hospitals are using the debt-reducing powers of the federal bankruptcy laws to facilitate mergers or sales (March 19, p. 36).
No potential buyers have come forward, "but certainly (the hospital) would listen to" any offers, Lacher said.