A federal judge approved a plan that allows Thomas Health Systems to emerge from bankruptcy and keep open Thomas Memorial Hospital, the Charleston (W.Va.) Gazette-Mail reported. Employees keep their jobs under the restructuring plan Judge Frank Volk approved on Friday during a teleconference hearing slightly more than seven months after Thomas Health filed for chapter 11 protection. The health care system will emerge from bankruptcy with support from a $60.1 million bond sale that will help pay down $145 million in debts at a discounted rate from a 2008 bond sale and keep enough cash on hand for hospital operations. Judge Volk described it as a “resolution that preserved a health care entity that has had a long presence in this state” and protected the jobs of people working the front lines of the novel coronavirus pandemic. “Thomas is relied upon daily by not only those who are employed there, but also those who seek care within its walls,” he said. “That’s especially so, given the challenges we currently confront.” Judge Volk commended the involved parties for reaching a quick resolution. Thomas Health employs more than 1,650 people and serves about 275,000 patients annually.
