Bluefield Daily Telegraph, Bluefield, WV

September 4, 2013

W.Va. hospital declares Chapter 11 bankruptcy


Associated Press

FAIRMONT — Fairmont General Hospital lists roughly equal amounts of debt and assets in its Chapter 11 bankruptcy filing as it enters a reorganization process expected to take about a year.

The hospital announced last week it must restructure labor contracts and long-term debt to become more attractive to a potential business partner.

Health benefits and pensions with its two unions are key concerns.

Service Employees International Union District 1199 represents about 300 workers while Local 550 represents about 170.

The filing late Tuesday in U.S. Bankruptcy Court in Wheeling shows that Fairmont General has $10 million to $50 million in both assets and liabilities.

WesBanco Trust and Investment Services of Wheeling is its single largest creditor, owed more than $12 million for bonds. Several others are owed more than $1 million.