Written by Your 5News Team
Last updated on August 30, 2013 @ 5:16PM
Created on August 30, 2013 @ 10:30AM
FAIRMONT, W.Va. (AP) - Fairmont General Hospital says it will file for Chapter 11 bankruptcy protection next week to restructure its long-term debts.
The board of directors announced the move Friday. Media outlets say the filing is expected Tuesday.
President and Chief Executive Officer Robert Marquardt says the move is necessary to ensuring that Fairmont General emerges as a more focused, more profitable hospital.
He says restructuring debt and contracts will make the hospital more attractive and ensure a smoother transition when it finds a new partner. It's been looking for one since December 2011.
The hospital employs some 700 physicians, nurses and other personnel.
More than 300 are represented by Service Employees International Union District 1199. Executive Vice President Kathy McCormick wants management to sit down with union officials and discuss the challenges.
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