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Article: Georgia-Based Psychiatric Hospital Chain Files for Bankruptcy.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 18, 2000
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CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. 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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Feb. 17--Charter Behavioral Health Systems, the nation's largest psychiatric hospital chain, filed for protection from its creditors yesterday under Chapter 11 of the U.S. bankruptcy statutes.
Charter, based in suburban Atlanta, is controlled by Fort Worth-based Crescent Operating Co., which owns 90 percent of Charter's stock. Yesterday Crescent Operating said a subsidiary, COPI Healthcare, has bid $24.5 million for Charter's 37 psychiatric hospitals that remain open.
Other bidders could also emerge for the properties during bankruptcy proceedings, the companies said. Charter made its bankruptcy filing, its second in a decade, in Delaware.
John ...