The nonprofit hospital located in Montebello, CA, filed “a voluntary petition for Chapter 11 of the United States Bankruptcy Code,” Globe Live Media reports.
Beverly Hospital said it was looking for potential buyers and wanted hospital service to continue with new owners.
“The need to restructure is unfortunate, but to save the hospital, we were forced to take these steps,” said Alice Cheng, president and CEO of Beverly Hospital. “It is a sad situation, but it is essential to continue to provide health care to people in our community.”
The hospital has secured debtor-in-possession financing of up to $13 million from Hilco Real Estate, which will allow the hospital to continue operating during the process. Read more.
