Bankruptcy Law

Philly Hospital Operator Gets $2 Million More in Bankruptcy Loan

Aug. 21, 2019, 3:02 PM

Center City Healthcare LLC, the bankrupt owner of two Philadelphia hospitals, will get an addition $2 million in bankruptcy financing after a judge urged the lender to rework its terms or raise the loan amount.

MidCap Funding IV Trust agreed to increase the term loan from $15 million to $17 million and allow the extra money to be set aside to pay the debtor’s administrative claims, Mark Minuti of Saul Ewing Arnstein & Lehr LLP, Center City Healthcare’s attorney, told the court at a Delaware bankruptcy court hearing Aug. 21.

“MidCap has stepped up in a big way,” Minuti told...

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