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Article: Cabrini's demise had many mothers; Storied hospital shuttered by state lost its final battle to credit crisis.(NEWS)
- Article from:
- Crain's New York Business
- Article date:
- July 13, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: BARBARA BENSON
Cabrini Medical Center's bankruptcy filing late last week caps a chaotic three years during which the Gramercy Park-based hospital struggled unsuccessfully to evade a state-mandated death sentence, and failing that then pinned its downscaled ambitions on a plan to raise cash by selling off its real estate holdings.
The descent began in earnest in 2006. That is when the Berger commission, under a mandate to restructure health care services in the state, ordered the closure of the 519-bed hospital after nearly a century in business. In December 2006, Cabrini sued the state to derail the order, but lost. The hospital then took ...