Randolph Hospital files Chapter 11 bankruptcy, plans to sell assets

By Caroline Salls

Pittsburgh, March 6 – Randolph Hospital, Inc. filed Chapter 11 bankruptcy on Friday in the U.S. Bankruptcy Court for the Middle District of North Carolina.

According to a statement filed with the court by chief restructuring officer Louis E. Robichaux IV, the company filed bankruptcy because of “ongoing financial challenges” and plans to sell its assets or complete an affiliation transaction.

Specifically, Robichaux said Randolph has been faced with declining patient volumes, stagnant reimbursement rates and increased operating costs.

Randolph Hospital is seeking court approval to use the cash collateral of master trustee Bank of America to fund its operations while in bankruptcy.

According to court documents, Randolph has $100 million to $500 million in assets and $50 million to $100 million in debt.

The company is represented in its Chapter 11 cases by Hendren Redwine & Malone, PLLC.

Randolph is an Asheboro, N.C.-based health care company. The Chapter 11 case number is 20-10247.

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