Historic NYC hospital St Vincent's files bankruptcy

NEW YORK (Reuters) - The historic St. Vincent's Hospital in New York City's Greenwich Village on Wednesday filed for bankruptcy protection, after more than 160 years of treating patients.

The voluntary Chapter 11 filing by Saint Vincents Catholic Medical Centers of New York came just eight days after the hospital's board voted to halt inpatient services, and transfer or close outpatient clinics.

In a filing with the U.S. bankruptcy court in Manhattan, St. Vincent's said it has between $100 million and $500 million of assets, more than $1 billion of liabilities, and between 25,000 and 50,000 creditors.

The hospital was founded in 1849 to serve the poor.

St. Vincent's previously filed for bankruptcy in July 2005 and emerged two years later. But it lost close to $80 million last year, the state has estimated, and was unable to find a stronger partner despite the efforts of state and local politicians and community advocates to keep it afloat.

On Wednesday, St. Vincent's said it has entered six non-binding letters of intent to sell some non-Manhattan hospital services: Bishop Mugavero Center for Geriatric Care, Holy Family Home, Pax Christi Hospice, St. Vincent's Hospital Westchester and St. Vincent Home Health Agency.

It also said it was working with regulatory agencies to close its Manhattan hospital inpatient services.

"This is obviously a difficult step for the greater St. Vincent's community," Chief Restructuring Officer Mark Toney said in a statement. "The relief afforded by the Chapter 11 filing ensures we will be able to continue caring for our patients as we implement the plan of closure."

St. Vincent's said it has lined up $85 million of financing from General Electric Co's GE Capital unit and Toronto-Dominion Bank, two of its larger creditors. It said it would use such funding to keep operating while in bankruptcy, including paying for staff, goods and services.

According to the Chapter 11 petition, the federal Pension Benefit Guaranty Corp is the largest unsecured creditor, with an estimated $180 million claim.

The case is In re: Saint Vincents Catholic Medical Centers of New York, U.S. Bankruptcy Court, Southern District of New York, No. 10-11963.

(Reporting by Emily Chasan and Jonathan Stempel; Editing by David Gregorio)