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