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Another New Hampshire healthcare facility, Concord (N.H.) Hospital, has made an initial bid of $30 million to acquire LRGHealthcares possessions, which include two medical facilities and a network of ambulatory care centers, according to the Laconia Daily Sun..
Alia Paavola –
Monday, October 19th, 2020
LRGHealthcare pursued more than two years to find a partner to assist support its financial resources. However, Mr. Donovan said that filing for bankruptcy was needed after it ended up being clear its debt would be an impediment to any offer..
” We have understood for some time that our current truth is not sustainable for the long term, and small fixes will not get us where we require to be,” LRGHealthcare President and CEO Kevin Donovan informed the Laconia Daily Sun. “Even before the substantial effect of COVID-19, we were bearing a considerable financial burden.”.
LRGHealthcare, a two-hospital system in Laconia, N.H., applied for Chapter 11 bankruptcy defense Oct. 19, according to the Laconia Daily Sun..
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The personal bankruptcy filing will assist the system ease its financial obligation load of more than $100 million.
Mr. Donovan stated the organization will continue to provide quality care to patients throughout the bankruptcy process and that its 1,400 member group wont face layoffs or advantage decreases..
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