El Segundo, California-Based Non-Profit Verity Health Files For Bankruptcy Protection

El Segundo, California-based non-profit Verity Health System (Verity) recently filed for chapter 11 bankruptcy. The health system cited financial losses and debt as the primary reasons for the decision.

Despite the bankruptcy, Verity’s six California hospitals—including St. Francis Medical Center and St. Vincent Medical Center—will remain open, thanks to up to $185 million in financing secured by Verity to keep them afloat. The health system is currently restructuring as it seeks a buyer to cope with its more than $1 billion debt, as well as help make repairs and renovations to its facilities. This debt . . .