Navigation Links
Brotman Medical Center Facilitates Restructuring Through Chapter 11 Filing
Date:10/26/2007

CULVER CITY, Calif., Oct. 26 /PRNewswire/ -- Brotman Medical Center, a privately held, 420-bed medical center serving the West Los Angeles area, announced today that it has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the Central District of California in Los Angeles.

In connection with the filing, Brotman Medical Center is in the process of finalizing a new debtor-in-possession (DIP) revolver in the amount of approximately $19.6 million to be provided by its pre-petition secured lender, which is subject to final agreement and Court approval. The DIP financing facility is designed to permit the hospital to fund its working capital needs during the Chapter 11 case, including obligations to its employees, trade vendors, suppliers and service providers. As part of the Chapter 11 filing, the hospital is also seeking Court approval of certain operating, cash management and employee motions, which are commonplace in Chapter 11 filings.

Brotman Medical Center affirmed it will continue to serve physicians and their patients in Culver City, West Los Angeles and the surrounding community. The hospital anticipates no changes in emergency room operations. All professional and technical staff will continue to work regular shifts and hours.

In connection with the filing, the hospital has retained Michael Lane of Navigant Consulting, Inc. as its interim Chief Executive Officer (CEO). Lane has worked with Brotman in a consulting capacity for the past year.

Lane affirmed that "the new DIP financing, upon approval by the Court, will ensure that Brotman Medical Center has the resources to continue providing care in Culver City and West Los Angeles. The hospital's suppliers, employees and physician partners should see little or no disruption.

"We have been working to meet the many challenges that characterize today's health care environment. We are refining services in order to continue critical care facilities, seeking maximum cost-efficiencies, and finding new ways to make doctors and nurses more successful while maintaining the level of health care our patients and the community have come to expect. However, the level of the hospital's debt and the need to address operational issues necessitated that we complete our restructuring work under the protection of Chapter 11. Under Chapter 11, we will continue to operate the hospital, respond to patients' needs, and obtain necessary supplies and equipment while we pursue a viable foundation to support Brotman Medical Center," continued Lane.

Brotman is being represented in the Chapter 11 case by its bankruptcy counsel, Klee, Tuchin, Bogdanoff & Stern.

Since 1924, Brotman Medical Center has dedicated itself to providing quality care to the Culver City and West Los Angeles communities. Now at 420 beds, Brotman offers a wide range of inpatient and outpatient services as well as rehabilitation, psychiatric care and chemical dependency. Brotman also offers a 24-hour emergency room staffed by board certified emergency physicians and nurse specialists. The hospital employs approximately 800 full and part-time people at its facilities in Culver City.


'/>"/>
SOURCE Brotman Medical Center
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Check if your “Favourite medical web-site” is indulging in Quackey
2. Teens turning to Internet for medical queries
3. Robots craft medical history
4. NBE to conduct test for medical students from abroad
5. Air pollution combined with greater medical needs
6. Indian Nationals with Foreign Medical Degrees can now practice in India
7. Children! Protecting them from medical mistakes
8. More information sought by patients on medical errors
9. SARS necessitates medical masks
10. Meditation Works Medically
11. Sleep Disorders Could Indicate Other Medical Problems
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2017)... (PRWEB) , ... June 23, 2017 , ... All-Star Insurance, ... residential and business clients throughout eastern Texas, is announcing the launch of a new ... Recent breast cancer statistics in the United States reveal that an estimated 252, 710 ...
(Date:6/22/2017)... ... June 22, 2017 , ... United Benefit Advisors (UBA), the ... Company as its newest Partner Firm. Headquartered in Coconut Creek, Florida, Whipple & ... tailoring optimized benefit packages that strengthen the relationship between employer and employee. , ...
(Date:6/22/2017)... ... June 22, 2017 , ... ... that it has received certification for ANSI/ASIS PSC.1-2012. The company’s work in countries ... where the rule of law has been degraded. The PSC.1 standard was created ...
(Date:6/20/2017)... ... 2017 , ... United Benefit Advisors (UBA), the nation’s leading ... you-bee) for 2017. The award honors Partner Firms, Principals, agency staff, and ... clients they serve, and the benefits insurance industry as a whole. , “The ...
(Date:6/20/2017)... ... 20, 2017 , ... Kenneth Mayer, MD, has been appointed a new Editor-in-Chief ... who joined the JIAS Editorial Board in 2016, has co-authored more than 800 peer-reviewed ... Fenway Health and Co-Chair of The Fenway Institute, a member of the US ...
Breaking Medicine News(10 mins):
(Date:5/29/2017)... 29, 2017  Cellect Biotechnology Ltd. (NASDAQ: ... enables the functional selection of stem cells, today provided ... first quarter ended March 31 st , 2017. ... in the first quarter of 2017," said Dr. Shai ... announced the treatment of the first blood cancer patient ...
(Date:5/26/2017)... SANTA BARBARA, Calif. , May 25, 2017 /PRNewswire-USNewswire/ ... the United States , Direct Relief is working ... of overdose-reversing Naloxone available at no cost to community ... and other nonprofit providers nationwide. "Pfizer ... expanding access to medicines and ensuring patient safety through ...
(Date:5/23/2017)... , May 23, 2017  Leaf Healthcare, recognized ... medical devices for pressure ulcer prevention, will unveil ... Association of Critical Care Nurses, National Teaching Institute ... The Leaf Patient Monitoring System is ... the hospital environment.  The system seamlessly tracks patient ...
Breaking Medicine Technology: