CarePoint Health, more than $100 million in debt, declares bankruptcy

CarePoint Health, the Hudson County non-profit healthcare system teetering on the brink of collapse, filed for bankruptcy Sunday in documents that revealed its debt is more than $100 million.
The company issued a news release Monday morning, putting a positive spin the long-awaited Chapter 11 filing, saying it has obtained $67 million in new financing to ensure that its hospitals remain open and that there will be no interruptions to its ability to provide patient care in the communities it serves throughout this process.
Chapter 11 bankruptcy allows some breathing room for the debtor, CarePoint, to reorganize its finances and continue operating.