North Berkshire Healthcare Inc., and its affiliates North Adams Regional Hospital and Visiting Nurse Association & Hospice of Northern Berkshire, Inc., have successfully emerged from Chapter 11 bankruptcy proceedings. Their plan of reorganization, which was confirmed on April 10, 2012, became effective on June 1. The debtors restructured $44 million in bond debt, $27 million in pension underfunding and $8 million in general unsecured claims in their successful Chapter 11 bankruptcy reorganization. Ropes & Gray represented the debtors. The Ropes & Gray bankruptcy team was led by Boston-based business restructuring partner Steven Hoort.
As hospitals and medical centers come under increasing economic pressure, they are frequently seeking ways to restructure their organizations. Ropes & Gray, with leading health care and business restructuring practices ranked nationally by Chambers USA, provides a deep knowledge of health care organizations and their unique business and financial structures. With industry-leading practices collaborating on virtually every form of insolvency or workout, the firm is uniquely positioned to advise these organizations during these challenging times.
