Becker's Healthcare January 17, 2025
Los Angeles-based Prospect Medical Holdings, a private equity-backed company with a portfolio of more than 11,000 physicians, filed for Chapter 11 protection Jan. 11.
The company, which operates facilities in California, Pennsylvania, Rhode Island and Connecticut, stated in a news release that it will continue normal operations despite listing over $400 million in debt.
This marks the second major private equity-owned health system to collapse in the past year. In May, Dallas-based Steward Health Care, a for-profit system, also sought Chapter 11 bankruptcy protection and is now working to sell its 31 hospitals.
Prospect Medical Holdings, which owns seven hospitals in California, four in Pennsylvania, three in Connecticut, and two in Rhode Island, attributed its financial struggles to a...
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