EYEWITNESS LOCAL NEWSFairmont General Plans To File For Chapter 11 Bankruptcy Protection
from Eyewitness News Online
Reported by: Associated Press
Web Producer: Jeff Morris
Reported: Sep. 3, 2013 1:47 PM EDT
Fairmont, Marion County , West Virginia
Fairmont General Hospital said it will file for Chapter 11 bankruptcy protection next week to restructure its long-term debts.
The board of directors announced the move Friday. Media outlets say the filing is expected Tuesday.
President and Chief Executive Officer Robert Marquardt said the move is necessary to ensuring that Fairmont General emerges as a more focused, more profitable hospital.
He said restructuring debt and contracts will make the hospital more attractive and ensure a smoother transition when it finds a new partner. It's been looking for one since December 2011.
The hospital employs some 700 physicians, nurses and other personnel.
More than 300 are represented by Service Employees International Union District 1199. Executive Vice President Kathy McCormick wants management to sit down with union officials and discuss the challenges.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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