Mass. Hospital Enters Ch. 11 To Ease Sale

Law360, New York (July 1, 2011, 7:31 PM EDT) -- Quincy Medical Center Inc. filed for bankruptcy in Massachusetts on Friday so that the small nonprofit hospital — saddled with debt and unable to compete in an increasingly consolidated market — can sell itself to Stewart Medical Holdings LLC for $38 million.

Quincy, which operates a 196-bed acute care hospital south of Boston in Quincy, Mass., listed liabilities between $50 million and $100 million, according to its Chapter 11 petition.

That debt includes $56.4 million in bonds issued through the Massachusetts Health and Educational Facilities Authority,...
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