St. Vincent Catholic Medical Centers in New York emerged from bankruptcy on Aug. 31. The reorganization plan was approved by the U.S. Bankruptcy Court in New York on July 27.
We have emerged as a stronger healthcare system, with a revitalized balance sheet and well-positioned for continued future growth, said Alfred Smith, St. Vincents board chairman, in a news release. The system reported $147 million in losses in 2004 prior to the bankruptcy, but is projecting that it will end the year with a $10 million operating gain, a spokesman said. During more than two years in Chapter 11, St. Vincents restructured by divesting or closing four acute-care facilities that were suffering large operating losses.