Bad Buys Drive Houston Health System Into Bankruptcy
By Andrew Scurria (February 27, 2015, 2:19 PM EST) -- University General Health System Inc., a diversified health provider beset by creditor collection efforts at its flagship Houston hospital, filed for bankruptcy protection on Friday after a series of failed acquisitions, burdensome managed care deals and allegedly inflated revenue estimates.
Executives placed the health care system into Chapter 11 with ambitions to refocus on its flagship facility and restructure up to $50 million in debt tied to an ill-fated expansion into Dallas and unexpected losses from recently acquired outpatient businesses.
Impatient creditors have already began collection efforts against the system, sending Harris County sheriffs with seizure orders this month into the...
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