Astria Health’s exit from bankruptcy protection was unusual, said Sam Maizel, a Los Angeles-based attorney who represented Astria Health during its bankruptcy. He has represented many failing hospitals and healthcare systems over the years.
A hospital bankruptcy usually ends with the purchase of the hospital or health system by a larger entity or results in closure.
This third route – a larger health care provider stepping in to lend tens of millions to allow another provider to pay off the larger secured creditor – is far from typical.
Just days before a hearing on Astria’s reorganization plan, MultiCare Health System, a Tacoma-based nonprofit healthcare system with 10 hospitals statewide, approached the Sunnyside-based company …
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- Headline: Astria Health is a local – but smaller – post-bankruptcy organization | Astria
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