Becker's Healthcare January 13, 2025
Los Angeles-based Prospect Medical Holdings, a private equity-backed system that owns hospitals across four states, has filed for Chapter 11 protection.
Here are five things to know about the bankruptcy:
1. Prospect initiated voluntary Chapter 11 proceedings as it works to sell 10 of its 16 hospitals, according to a Jan. 11 news release. All facilities will remain open and patient care will be uninterrupted during the Chapter 11 process. The system also said it will prioritize operating community hospitals in California as it realigns its focus outside of the state.
2. The system operates seven hospitals in California, four in Pennsylvania, three in Connecticut and two in Rhode Island. Prospect is also the parent company of Bloomfield,...
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