HOSPITALS DROVE COLLAPSE NORTHRIDGE, HOLY CROSS BANKRUPT NEWHALL MEMORIAL.Byline: Naush Boghossian Staff Writer SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, - Two prominent San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. hospitals refused Henry Mayo Newhall Memorial Hospital's offer to pay its creditors 22.5 cents on the dollar, forcing it to file for Chapter 11 bankruptcy this week, court documents revealed. Despite a three-month campaign by hospital administrators to convince its creditors to accept the reduced payment, Northridge Hospital Medical Center Northridge Hospital Medical Center is a hospital in the Northridge town of Los Angeles, California, USA. It is currently operated by Catholic Healthcare West. History The hospital was founded in 1955 by Dr. and Providence Holy Cross Medical Center Providence Holy Cross Medical Center is a hospital in Mission Hills, California, USA. The hospital has 254 beds, and is part of Providence Health & Services. History - the second- and third-largest creditors - continued to hold out. Without the agreement of at least one of them, Newhall Memorial was forced to file for reorganization under federal bankruptcy law. Though Roger E. Seaver, Newhall Memorial president and chief executive officer, was disappointed in the outcome, he acknowledged that the offer put creditors in a difficult position. But hospital officials were encouraged when they convinced Newhall Memorial's largest creditor, UCLA Medical Center UCLA Medical Center is a hospital located on the campus of the University of California, Los Angeles in Los Angeles, California. It is rated as one of the top three hospitals in the United States and is the top hospital on the West Coast according to US News & World Report. , to accept the reduced rate. UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX , which is owed about $1.8 million, said it would accept the offer if Newhall Memorial could convince creditors owed a total of 90 percent of the hospital's $10 million debt to jump on board, too. Mitchell Thomas Mitchell Thomas (born 2 October 1964 in Luton) is a retired English football defender. Clubs
``We were concerned because there was no finality fi·nal·i·ty n. pl. fi·nal·i·ties 1. The condition or fact of being final. 2. A final, conclusive, or decisive act or utterance. Noun 1. to their proposal. They were trying to get the 90 percent to sign, but if someone came out of the woodwork later, the settlement wouldn't be binding to them,'' Thomas said. ``Bankruptcy gives you more oversight on the fairness of the distribution of funds. It is the right way and we would have more control over the process this way.'' Newhall Memorial owes Holy Cross about $600,000 for services, and court documents revealed that Northridge is owed $619,189, though hospital officials could not confirm the amount. Holy Cross and Northridge had signed an agreement with Newhall Memorial to share their facilities in cases in which either hospital could not provide a particular service. Andie Bogdan, Newhall Memorial spokeswoman, said the hospital eventually eliminated those contracts in efforts to reduce costs. If it does establish the contracts again, the hospital will renegotiate them at more favorable rates. |
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