Deaconess Hospital, Cleveland, has filed for Chapter 11 bankruptcy protection after defaulting on outstanding debt of $3.3 million to Heller Healthcare Finance and $5.5 million to Bank One Corp. George Saad, a vascular surgeon, and his company, Nour Management, bought the 81-year-old hospital out of bankruptcy in 2000. The 212-bed for-profit hospital has $14.3 million in debts and $15 million in assets. "First and foremost, we are staying open and we will continue to serve the community. The filing was made so that we can continue our important missions," Saad said in a news release. Saad said the hospital's financial troubles reflect low reimbursement and rising malpractice insurance costs. -- by Mark Taylor
Cleveland hospital seeks bankruptcy protection
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