Prospect Medical Group, owner of 16 U.S. hospitals, has filed for Chapter 11 bankruptcy in Texas, citing liabilities between $1 billion and $10 billion. The Los Angeles-based healthcare company plans to focus on its California operations while divesting East Coast hospitals. It has an agreement to sell two Rhode Island hospitals to the Centurion Foundation and seeks to divest Crozer-Chester Medical Center in Pennsylvania.
Hospital operator Prospect Medical files for bankruptcy (Reuters)
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