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LJN NewslettersNewsSectionsThe Bankruptcy Strategist

Physician, Heal Thyself

BY Adam C. Rogoff
December 20, 2012

A multi-debtor operating entity with over $1 billion of liabilities and thousands of employees and retirees is complicated enough; add to the mix: 1) one of New York City's historic hospitals, founded in 1849, which cared for survivors of the Titanic and later was a leader in confronting the AIDs crisis; 2) ongoing care for tens of thousands of patients throughout New York; and 3) preserving the non-profit, charitable mission of the city's last Catholic hospital, and you have the elements of a complex Chapter 11 case with nuances that are not part of the standard fare. This article addresses some of these complexities.

Background

Saint Vincent Catholic Medical Centers of New York and its debtor-affiliates (collectively SVCMC) filed Chapter 11 cases in 2010 in the Southern District of New York (the Chapter 11 Cases). See In re Saint Vincent Catholic Med. Ctr. of N.Y. et al, Lead Case No. 10-11963 (CGM) (Bankr. S.D.N.Y.). For a complete history of the events leading to the commencement of the bankruptcy cases, please refer to the Declaration of Mark E. Toney, found at Docket No. 18.

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