The TLC Health Network, which operates Lake Shore Hospital has filed for Chapter 11 Bankruptcy protection.
IRVING, N.Y.-- The TLC Health Network, which operates Lake Shore Hospital has filed for Chapter 11 Bankruptcy protection.
Back in October, TLC announced the hospital would close in January, but it's not known how this filing affects this plan.
"We believe this is a necessary step toward our ultimate goal of maintaining viable health services within this community," stated TLC Board member Tim Cooper. "Filing for Chapter 11 should allow us to climb out from under our debt and emerge stronger and more financially stable."
TLC says Chapter 11 would allow TLC to propose a reorganization plan that would enable it to address debt issues while seeking new sources of income and sustainability.
Administrators say they're continuing to have discussions with prospective buyers for Lake Shore, but they add, they have not received a firm bid that met the minimum requirements for the sale.
"I know that there is still a great deal of concern about our future," states Cooper, "and it has been a difficult time for our employees, volunteers, medical staff, and patients/clients. So, we greatly appreciate the outpouring of support that we have received from so many during this difficult time. However, the important thing to remember is, as of this moment, we are still open for business and dedicated to providing outstanding service to everyone who continues to trust their health care to us."