Trending
Long Beach Medical Center goes bust, property to be acquired
South Nassau Communities Hospital to purchase facility's real estate and operating assets
Long Beach Medical Center, heavily damaged by Superstorm Sandy and in the red even before the floodwaters struck, filed for Chapter 11 bankruptcy protection Wednesday.
The hospital reported revenue of $55 million for the 12 months prior to Sandy, but expenses were $59 million. The facility has since invested millions on repairs and hasn’t reopened as a full-service hospital since sustaining damage from the storm.
South Nassau Communities Hospital will acquire all the real estate and operating assets of the hospital and its affiliated nursing home — the Komanoff Center — at their appraised value, Crain’s reported. Long Beach Medical, which reported $21 million in assets and $48 million in liabilities oas of Dec. 31, also borrowed $1.5 million from South Nassau a few weeks before the bankruptcy filing.
South Nassau will continue to pursue FEMA funding to restore Long Beach’s facilities, but whether the center will reopen as a hospital remains unclear. The 200-bed Komanoff, which has about 100 residents, will continue to operate. [Crain’s] — Julie Strickland