An anticipated chapter 11 petition for Madera (Calif.) Community Hospital was filed in federal bankruptcy court on Friday, the The Business Journal reported. Saint Agnes Medical Center is the largest secured creditor, owed $15.4 million. New England Sheet Metal and one of its subcontractors together hold mechanic’s liens of about $1.1 million. About $2 million is owed in unpaid, accumulated time off for employees. All unsecured creditors are owed a total of about $9.1 million. Madera Community Hospital also filed a list of its 20 largest, unsecured creditors. The largest unsecured creditor is Citizens Business Bank, owed $1.1 million, followed by the State of California Emergency Medical Services Authority owed $776,412 and Arya Medical Group in Fresno owed $300,723. Assets include $5 million in cash, the hospital campus with an estimated value of $16 million to $60 million and incoming provider fees of $24 million. Along with the bankruptcy petition, Madera Community Bank also filed emergency motions to pay certain pre-petition wages, salaries, benefits and other compensation. According to the filing, the hospital has laid off more than 700 employees since Dec. 26, and currently has 31 full-time employees and four per diem employees managing the shuttered facility in administration and maintenance positions.
