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Monroe Hospital Files For Bankruptcy, Looks For Buyer

Monroe Hospital filed for Chapter 11 bankruptcy and plans to sell off its assets.

Monroe

Photo: Bill Shaw

Monroe Hospital in Bloomington is the smaller of the city's two hospitals.

Monroe Hospital in Bloomington is considering selling its assets to a prospective buyer after it filed for Chapter 11 bankruptcy Friday.

Monroe Hospital has been struggling financially for some time and currently owes more than $120 million, according to one of the company’s bankruptcy attorneys. The largest debts are with the hospital’s landlord.

The prospective buyer is Prime Healthcare, a nationwide hospital operator, and Monroe Hospital is working with the courts to move the bidding process forward.

“During that sale process currently, the hospital will continue to remain open, is operating its assets in the ordinary course of business, patients services shouldn’t be impacted, nor are employee wages,” says Bingham Greenebaum Doll attorney Jim Irving, who is representing Monroe Hospital LLC.

Irving says Prime Healthcare may not end up buying Monroe Hospital, but an initial offer will open up the process for other companies to also bid on the hospital’s assets.

Monroe Hospital is the smaller of Bloomington’s two main hospitals. The other is IU Health Bloomington.

St. Vincent Health is a partner of Monroe Hospital, largely contributing to cardiovascular and orthopedic services.

St. Vincent spokesman Johnny Smith says the health organization plans to continue those services even if the operation of Monroe Hospital changes hands.

Gretchen Frazee

Gretchen Frazee is a reporter/producer for WFIU and WTIU news. Prior to her current role, Frazee worked as the associate online content coordinator for WFIU/WTIU. She graduated from the University of Missouri-Columbia where she studied multimedia journalism and anthropology. You can follow her on Twitter @gretchenfrazee.

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