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Island Medical Center expanding business
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Posted on Jan 26 2001
Micronesian Health Corporation, the company that owns and operates Island Medical Center has filed for protection under Chapter 11 of the US Bankruptcy Code.
However, Tony Glad, Chief Financial Officer/Treasurer of the corporation assured the community that Island Medical Center is not going out of business.
Since creditors, vendors and people in the community are often concerned when word reaches them that a business has filed a petition in bankruptcy, Mr. Glad said Island Medical Center is even expanding its operations into a full-service family medical clinic under the supervision of Dr. Stephan J. Lebamoff, MD, as Medical Director.
Mr. Alan Pecorella will not be involved in either the medical or business operations of Island Medical Center.
“It is most important that our creditors and clients understand that we have engaged upon a Chapter 11 Reorganization procedure, not Chapter 7 Liquidation in Bankruptcy,” says Mr. Glad.
Within the framework of the Chapter 11 Reorganization, arrangements are made to continue paying all creditors on an appropriate and timely basis, and to continue business operations under the general supervision of the US Trustee.
Mr. Glad said he would be more than willing to answer questions from the community about the issue.
