Redeemer Health, a Pennsylvania-based company, which serves as a Catholic healthcare system, has turned to bankruptcy protection. Court records have not specified the reasons that could have led to the filing.
Note: Chapter 11 allows businesses to reorganize their debts while continuing operations under court supervision. A Chapter 11 filing does not necessarily mean that a business is closing. For additional information, readers are encouraged to contact the business directly.
Redeemer Health Files for Chapter 11
The company submitted its petition to the U.S. Bankruptcy Court for the Eastern District of Pennsylvania on November 1.
According to Glenside Local, the company missed a required September 1 payment on $71 million in bond debt. In addition, it had also not made its October 1 payment. The default requires the organization to restructure its debt, and a spokesperson said that process was already underway…