Prospect Medical Holdings filed for bankruptcy due to overwhelming debt and high costs, listing between $1 billion and $10 billion in assets and liabilities.
With over 100,000 creditors, Prospect Medical's bankruptcy reflects a growing trend of distress among hospital operators, raising concerns about community care.
After signs of financial trouble, hospital landlord Medical Properties Trust aimed to take control of Prospect's entities while planning to support a sale of its Connecticut facilities.
William Tong, Connecticut's attorney general, expressed disappointment over Prospect Medical's bankruptcy filing and ensured the situation would be monitored closely.
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