Prospect Medical Holdings, Inc.

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Case overview

Case Number:

8:25-bk-80002

Court:

Texas Northern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

February 18, 2025
Willkie DQ'd, Guo Clawbacks Continue

Franchise Group must find new bankruptcy counsel after a judge in Delaware found Willkie Farr & Gallagher LLP was conflicted in its case. The court-appointed trustee investigating Miles Guo's shell companies got another deadline extension to chase down estate funds. Spirit Airlines is awaiting confirmation of its reorganization plan. And bankrupt bitcoin miner Rhodium Encore has hit back at its landlord in court, alleging a campaign of sabotage.
February 12, 2025
Judge OKs Prospect Medical To Sell Two RI Hospitals

A Texas bankruptcy judge has approved bankrupt hospital operator Prospect Medical's request to sell its two Rhode Island hospitals to the nonprofit organization Centurion Foundation Inc. for $160 million, following the resolution of objections raised by the Rhode Island Attorney General's Office and the Centers for Medicare & Medicaid Services.
February 12, 2025
Conn. Opposes Bankrupt Prospect Medical's 'Plunder'

Prospect Medical Holdings Inc. must be held accountable for harm that the hospital operator caused in Connecticut, but first, its three facilities in the state need to quickly transition to new ownership, the offices of the attorney general and the governor told a Dallas bankruptcy judge.
February 06, 2025
Judge OKs 'Unorthodox' Deal To Fund Pa. Hospitals In Ch. 11

Bankrupt hospital operator Prospect Medical has agreed to put its four Philadelphia-area hospitals under receivership for the next 30 days while it hammers out a sale as part of a funding arrangement that a Texas bankruptcy judge on Thursday called "unorthodox."
January 29, 2025
Pandemic, Senate Probe Push Prospect Medical Into Ch. 11

The lingering effects of the COVID-19 pandemic, inflation, reimbursement limitations, shifting patient demographics and a cyberattack — along with a recent U.S. Senate investigation into private equity investment in healthcare — have led California-based hospital operator Prospect Medical Holdings Inc. to file for bankruptcy, with over $1 billion in debt.
January 23, 2025
Conn. Lawmakers Target Healthcare After Hospital's Ch. 11

In the lead-up to and aftermath of California hospital operator Prospect Medical Holdings Inc.'s $1 billion bankruptcy, Connecticut lawmakers are considering new regulatory powers, promising and penning oversight bills for hospitals owned by private equity firms and real estate trusts while seeking to stabilize the state's healthcare markets.
January 14, 2025
Prospect Medical Beats Objection To $29M In Ch. 11 Funds

A Texas bankruptcy judge said Tuesday she would allow struggling hospital operator Prospect Medical Holdings Inc. to borrow part of a $100 million financing package that prompted an objection from the company's landlord, saying the money was needed to ensure patients continue to receive care.
January 14, 2025
Catching Up With New Bankruptcy Case Action

California-based hospital operator Prospect Medical Holdings filed for Chapter 11 in Texas with over $1 billion in debt. Joriki USA Inc. filed for Chapter 7 with $300 million in liabilities after its Canadian parent sought creditor protection and shut down a plant due to a listeria outbreak.
January 13, 2025
Meet The Attorneys Advising Prospect Medical In Ch. 11

A team of attorneys from Sidley Austin LLP is representing California-based hospital operator Prospect Medical Holdings Inc. in its Chapter 11 case in Texas, as the company aims to sell several facilities while refocusing on operations in its home state.
January 12, 2025
Hospital Operator Hits Ch. 11 With $1B-Plus Debt, Sale Plans

Listing more than $1 billion in debts, California-based hospital operator Prospect Medical Holdings Inc. and several subsidiaries on Saturday filed a Chapter 11 petition in bankruptcy court in the Northern District of Texas, saying they intend to advance the planned sales of several facilities and refocus on operations in their home state.

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