The Times West Virginian

August 31, 2013

FGH to reorganize debts though Chapter 11 bankruptcy

By Misty Poe
Times West Virginian

FAIRMONT — Fairmont General Hospital is doing well financially, as net patients have increased by 12 percent and there’s been a $5 million increase in revenue this year.

But Robert C. Marquardt, FGH president and chief executive officer, says the hospital “can’t go far enough, fast enough” to make it appealing as the organization moves forward trying to form a strategic partnership.

FGH announced Friday morning that it will file for Chapter 11 bankruptcy protection in federal court next week, a decision the Marquardt said was not taken lightly and admitted there was hesitancy by the board to make the move.

“It’s certainly not the preferred way to go. It’s kind of a painful action. And I think there is always an initial sense that reorganization has a negative connotation. But I think that when you look at it from our perspective that the day after we file, all of our employees will have jobs, they will all have salaries, we don’t plan any layoffs. It should be very transparent to virtually everyone associated with the hospital, whether they are patients, staff or physicians, that nothing has changed."

Full story