Quincy Medical Center's Ch. 11 Plan Gets Nod

Law360, New York (November 22, 2011, 5:33 PM EST) -- A Massachusetts bankruptcy judge on Tuesday approved the Chapter 11 liquidation plan of Quincy Medical Center Inc., which was recently sold to hospital operator Steward Health Care System LLC for $38 million.

Under the plan confirmed by U.S. Bankruptcy Judge Melvin Hoffman, the small nonprofit hospital will use proceeds from its sale to pay secured and priority claims, and fund a liquidation trust for general unsecured creditors. The court on Sept. 26 authorized the sale, which the companies consummated on Oct. 1.

Quincy estimates that unsecured...
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