Pontiac's Doctors' Hospital files for bankruptcy - The Detroit News
Doctors’ Hospital in Pontiac, the last independently operated medical facility in Metro Detroit, has filed for federal bankruptcy protection after years of operation turbulence and financial problems. The for-profit, physician-owned hospital, which operates as Oakland Physicians Medical Center LLC. , owes at least $13. 8 million to creditors, according to the Wednesday filing of the top 20 creditors with the U. S. Bankruptcy Court for the Eastern District of Michigan. In its filing, the hospital indicated it has at least 200 creditors and could owe as much as $50 million. The Pontiac hospital was dogged by financial struggles in a Metro Detroit market where health systems have become larger and the pace of mergers has quickened. Doctor’s Hospital lost nearly $12 million in 2013, according to the American Hospital Directory. Surindar Jolly, Sanjay Jolly and Shree Investment Group in Orchard Lake are listed as major creditors after they gave loans to the hospital. In the bankruptcy filing, Wisconsin Physicians Service Insurance Company is owed the most money at $6. 4 million, followed by the state of Michigan at $1. 2 million in tax debt. Source: www.detroitnews.com
