Reprinted from Caribbean Net News
caribbeannetnews.com

Puerto Rico's Advanced Cardiology Center files for bankruptcy

Thursday, January 11, 2007

by: Dawn McCarty

WILMINGTON, USA (Bloomberg): Advanced Cardiology Center Corp., the operator of a hospital in Mayaguez, Puerto Rico, filed for bankruptcy protection to avoid lawsuits by creditors.

The 20 largest unsecured creditors are owed $12.4 million, with taxing agencies accounting for more than half of that, Advanced Cardiology said in documents filed yesterday in US Bankruptcy Court in Mayaguez. The closely held company listed assets and debts of between $10 million and $50 million.

Creditors have threatened to take steps to "obtain possession of the corporation's accounts receivables and assets," Efrain Soto, secretary of Advanced Cardiology Center, said in court papers.

The three largest unsecured creditors are the Puerto Rico Department of Treasury, owed $4.68 million; the US Internal Revenue Service, owed $2.24 million; and COSVI Medicare, owed $617,690.

Print Page