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San Gabriel Vallley Digest

Alhambra : Hospital Reorganization

December 26, 1985

Creditors have approved a reorganization plan offered by Alhambra Community Hospital, which entered Chapter 11 bankruptcy proceedings in 1981. Under the plan, which was approved two months ago by the bankruptcy court, the hospital will pay its creditors, including about 150 hospital supply companies, $1.15 million over the next five years.

The hospital is owned by the Alhambra Redevelopment Agency, which leases it to the city which in turn subleases it to the Alhambra Community Hospital Corp. After the hospital fell behind in rent to the agency, an agreement was reached in 1983 under which the hospital is paying current rent and the delinquent rent with interest. The city and its redevelopment agency are not considered creditors under the bankruptcy procedure.

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