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Pascack Valley Hospital to File for Bankruptcy, Plans to Liquidate

By Martin C. Daks
9/21/2007
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Citing years of operating losses, Pascack Valley Hospital plans to file for Chapter 11 bankruptcy "within the next few days," according a Sept. 20 release issued by the Board of Trustees of the 20-acre, 280-bed institution.

The Westwood hospital had a $21.9 million operating loss in 2006 and projects a loss this year of more than $16 million, according to the board. Pascack Valley Hospital Executive Vice President John Corcoran said the institution chose to file Chapter 11 to obtain "an orderly closure coordinated with the New Jersey Department of Health, as opposed to a Chapter 7, which is generally an immediate shutdown."

"It is anticipated that the entire [hospital] operation will be closed over the course of the next several months," says George Haskew, chairman of the Well Care Group Board of Trustees, a company that is affiliated with Pascack Valley Hospital.

Pascack opened its doors in June 1959.

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