Carraway Methodist Medical Center, Birmingham, Ala., is negotiating with its three main creditors for a five-year, $55 million letter of credit that would allow the hospital to add new services. Interim CEO Cathy Fickes said the hospital owes the creditors a total of $102.2 million. Carraway has been struggling with its debt since 2001, when it began considering strategic moves to remedy the situation. It completed a $29 million sale of two rural Alabama hospitals in 2002. Fickes also confirmed published reports that she plans to step down at the end of the month after two years as interim CEO. An employee of turnaround firm Cambio Health Solutions, Brentwood, Tenn., Fickes said she is tired of commuting between Birmingham and her Southern California home. She said she hopes to continue working for Cambio closer to home. Last month, Triad Hospitals, Plano, Texas, spun off Cambio to the consulting unit's employees. -- by Vince Galloro
Ala. system in talks with creditors over expansion
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