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:2/12/2016)... , ... February 12, 2016 ... ... today announced a new initiative—the Siemens Foundation-PATH Ingenuity Fellowships—to develop the advanced ... will recruit top students from U.S. universities who will draw from Siemens’ ...
(Date:2/12/2016)... ... ... Each year, the American Physical Therapy Association (APTA) offers a Combined Sections Meeting. ... Almost 10,000 physical therapists across the country are expected to attend this annual convention ... field and network with their colleagues. As in years past, HydroWorx is proud ...
(Date:2/12/2016)... ... February 12, 2016 , ... The ThedaCare ... San Francisco General Hospital on April 5-7. The series is a multi-day, multi-workshop ... habits. The workshops cover a broad range of topics, including coaching skills, the ...
(Date:2/12/2016)... NC (PRWEB) , ... February 12, 2016 , ... AssureVest ... surrounding areas, is initiating a charity drive that will raise funds earmarked to purchase ... John C. Tayloe Elementary School. , “My school is in a low-income area and ...
(Date:2/12/2016)... ... February 12, 2016 , ... Young Asset ... celebrates the beginning of the latest charity campaign in their community enrichment program. ... Donations to this worthy cause are currently being accepted at: http://artexpressioninc.org/ . ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... LOUISVILLE, Ky. , Feb. 12, 2016 ... it has completed a $47.1 million Series ... investors Cormorant Asset Management, Hillhouse Capital Group ... investors Morningside Venture Investments, AJU IB Investment, ... will be used to further advance clinical ...
(Date:2/11/2016)... , Feb. 11, 2016 Stem cells are ... characterized by self-renewal and the capacity to differentiate into ... new discovery, as the first mouse embryonic stem cells ... not until 1995 that the first culturing of embryonic ... cells were not produced until 2006 As a result ...
(Date:2/11/2016)... , Feb. 11, 2016  Governor Andrew M. Cuomo ... create 1,400 jobs throughout Western New York ... with the SUNY Polytechnic Institute, includes a major expansion ... in Buffalo , as well as ... facility in Dunkirk . The combined ...
Breaking Medicine Technology: