Bucktail Medical Center Corporate members voted 47-4 Monday night to allow the board to file for Chapter 11 Bankruptcy if needed. Chapter 11 would give the center relief and time to work out a solution to its $2.3 million debt (excluding vendor debt) while paying its way with the current daily operations. Although the center’s debt is significant, BMC is up to date with its taxes and has been meeting payroll and needs of residents and patients. It would also protect money the center is slated to receive between now and April. Without the Chapter 11 protection, the bank could confiscate any money the center receives toward the money BMC owes it. Timothy Reeves, the center’s administrator since August, said the Chapter 11 status would not change the day to day operations at the hospital. And while the board is considering filing for Chapter 11 relief, it has already taken important steps to financial stability. Harriet Nuss, president of the board of directors said the board has tried everything it can to save money. “There’s not one stone that has not been turned on how we can save money.”
Posted on: Tue, 11 Nov 2014 12:26:40 +0000
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