Madera Community Hospital in California’s Central Valley, which ceased operations last December and filed for Chapter 11 bankruptcy in March, moved a step closer to reopening Thursday when California’s new fund for troubled hospitals said it was prepared to offer the facility up to $52 million in interest-free loans.
The program is offering an additional $240.5 million in no-interest loans to 16 other troubled hospitals, including Beverly Community Hospital in Montebello and Hazel Hawkins Memorial Hospital in Hollister, both of which filed for bankruptcy earlier this year.
Hazel Hawkins will get a loan of $10 million, and Beverly will get a bridge loan of $5 million while it is being purchased out of bankruptcy by Adventist Health’s White Memorial in Los Angeles, according to the state’s Department of Health Care Access and Information, which unveiled the lending details Thursday, California Healthline reports. Read more.
