Serving Hospitals and Other Health Care Agencies
An especially unfortunate consequence of the recent economic recession has been the financial pressure experienced by private hospitals and medical centers, many of which have long traditions of charitable and community service. Declining public funding and the rising costs of providing medical care have generated severe cash flow crises for many hospitals, forcing some to seek Chapter 11 bankruptcy protection.
Togut, Segal & Segal has served as lead counsel or conflicts counsel for the debtor in many of the New York metropolitan area's recent hospital and health care bankruptcy cases. Our familiarity with the demands of complex reorganization and our commitment to containing legal costs make our firm especially well-suited for representing struggling companies in the health care sector that are considering Chapter 11.
35 Years of Resolving Business Debt Issues: Health Care Representation
With 35 years of bankruptcy experience, Albert Togut has long been recognized as one of New York's pre-eminent bankruptcy practitioners. He is one of only six bankruptcy attorneys listed among the Top 100 Super Lawyers by New York Super Lawyers magazine. His practice and that of the firm are focused exclusively on bankruptcy and insolvency issues. Frank Oswald, another lawyer listed in New York Super Lawyers, has significant hospital and health care experience. As a result, Togut, Segal & Segal can provide comprehensive client service without the conflicts of interest generated by retainer clients or institutional relationships with banks, suppliers or major lenders.
Independent, Creative and Efficient Client Service in Health Care Bankruptcies
Our firm's independence has helped us achieve outstanding results in several New York health care Chapter 11 cases:
- Sound Shore Health Systems: Counsel to the Purchaser in a section 363 sale regarding the acquisition of, among other things, the debtors two hospitals and a nursing home approved by the Bankruptcy Court within 60 days of case commencement.
- Long Beach Hospital: Counsel to the Purchaser in a section 363 sale regarding the acquisition of the debtor's hospital assets following its shut down and the effects of Hurricane Sandy in order for Purchaser to bring healthcare to the Long Beach community.
- Saint Vincent's Hospitals: Conflicts counsel to the hospitals in a Chapter 11 plan restructuring over $1 billion in liabilities.
- Our Lady of Mercy Hospital: Lead counsel to the debtor, a Bronx hospital with over $100 million in liabilities.
- Cabrini Medical Center: Lead counsel to the debtor, a hospital in Gramercy Park, Manhattan, with over $100 million in assets and liabilities.
- Victory Memorial Hospital: Helped maximize the sale value of Victory Memorial Hospital's nursing home assets, as counsel to the "stalking horse purchaser."
Contact a New York Chapter 11 Bankruptcy Attorney
For additional information about our ability to help hospitals and medical centers through Chapter 11 under difficult circumstances, contact our New York health care bankruptcy attorneys online today. You may also call our firm at 212-594-5000 to discuss your specific circumstances.