San Antonio’s Southcross Hospital, which permanently closed its doors last month, and three health care-related companies each have filed for bankruptcy protection over the weekend, the San Antonio Express-News reported. The other entities filing for bankruptcy protection are Arete Healthcare LLC, Schertz-Cibolo Emergency Center LLC and The Emergency Clinic of Floresville LLC. Arete manages the two clinics, which do business as Schertz-Cibolo Emergency Clinic and Emergency Care of Floresville. The bankruptcy petitions filed on Sunday offer little detail on the events that led to the companies seeking chapter 11 reorganization. The companies borrowed an undisclosed amount from Frost Bank that is secured by the debtors’ receivables. The companies want their bankruptcy cases jointly administered and designated as “complex” by the U.S. Bankruptcy Court. Combined, the four companies have more than $10 million in debt. Among the largest unsecured creditors and the amount of their claims in Southcross’ bankruptcy petition are: New York’s Green Capital Funding LLC, nearly $1.1 million; San Antonio’s Search Construction LLC, $171,777; and Southcross Physician Group $137,000.
