Quincy (Mass.) Medical Center filed for Chapter 11 bankruptcy on Friday, the same week it announced that the 116-bed hospital will be acquired by Steward Health Care System.
Quincy Medical Center files for bankruptcy as part of Steward deal
The hospital said in court documents that it filed for bankruptcy “for the purpose of consummating a sale of its assets on a going concern basis to Steward Health Care System.” It also filed a motion seeking approval for the proposed sale by October.
Quincy's board had approved the “capital partnership agreement” with Boston-based Steward Health Care System. Since then, the hospital has not provided further information about the deal, including financial terms.
“Quincy Medical Center has filed Chapter 11,” said Quincy Interim CEO John Kastanis in a statement. “This filing will allow our selected capital partner a predictable and manageable process forward. The filing will allow Quincy Medical Center to restructure its debt, and reorganize its operations. It will not result in any disruption to patient care, or any day-to-day operations. “
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