Category Archives: Washington DC

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Specialty Hospitals Finds Buyer in Voluntary Bankruptcy

According to the Washington Business Journal, Specialty Hospitals of America LLC will enter into a voluntary Chapter 11 bankruptcy and sell both of its D.C. hospitals to an investment firm. The news source reported that a group of creditors filed a bankruptcy petition against the hospital group earlier this year, and that Connecticut-based Silver Point Capital has agreed to buy the hospitals for an undisclosed term. Additionally, Silver Point has agreed to give the hospitals $15 million to continue operations until their sale is completed. Specialty Hospitals of America is based in Portsmouth, New Hampshire. “This is an exciting new day, a new beginning for Specialty,” Lisa Proctor, representative for Specialty Hospital of Washington, said according to the Business Journal. The hospital group said that employee pay and benefits would continue without interruption. It also reportedly said that it does not anticipate layoffs, but that it would be in the…
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April Bankruptcy Filings Down Nationally, Maryland Rates Remain High

According to Epiq Systems, Inc., total bankruptcy filings nationally last month decreased 13 percent over April 2013. The totals included both consumer and business filings. Epiq said that total bankruptcy filings totaled 87,954 in April 2014, down from the April 2013 total of 100,770 filings. Consumer, or individual filings, reportedly declined 12 percent to 84,579, from the April 2013 consumer filing total of 96,357. Business filings actually declined further, with a 24 percent decrease from the 4,413 business filings recorded in April 2013. Chapter 11 filings, which include financial reorganization, decreased 4 percent to 683 filings in April 2014, from the 711 filings registered in April 2013. However, not all numbers decreased. It should be noted that the nationwide per capita filing rate in April was 3.09 (filings per 1,000 people) across the country, an increase over the previous three months of 2014. The states with the highest per capita…
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Rent Stabilization Bankruptcy Case Draws Attention in NYC

Last week, the New York Times had an interesting story about a woman who filed for bankruptcy two years ago, with creditors calling into question her rent-stabilized apartment. According to the Times, Mary Veronica Santiago, 79, fell behind on her bills before filing for Chapter 7 bankruptcy. Santiago, who lives in the East Village in New York City, now has a case that could put her and millions of other rent-stabilized leasers in New York at risk. Santiago’s case is pending before the United States Court of Appeals for the Second Circuit, where creditors are trying to argue that her lease can be treated as an asset in her case, just like a car or piece of land, to help pay off her debts. The trustee in Santiago’s case thinks that the lease should be considered an asset. Her apartment, which she has lived in for 50 years, is a…
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