The Board of Madera Community Hospital has announced that the hospital has filed a Chapter 11 Petition with the United States Bankruptcy Court in Fresno.
Chapter 11 is a legal proceeding available to distressed financial entities, which allows for the orderly reorganization or liquidation of assets through a legal proceeding presided over by the United States Bankruptcy Court.
The Madera Community Hospital Chapter 11 proceeding was filed on March 10 following the failure of an affiliation agreement between Madera Community Hospital and Saint Agnes Medical Center.