January 09, 2020
Andrew H. Sherman,
Chair of the Sills Cummis Creditors’ Rights/Bankruptcy Reorganization Practice
Group, was interviewed for this article covering the current state of hospital
bankruptcies throughout the U.S. as well as retrospective coverage of
crisis is unfolding for U.S. Hospitals, with bankruptcies and closures
threatening to leave some of the country’s most vulnerable citizens without
“As a gauge of
distress in the health-care sector has soared, at least 30 hospitals entered
bankruptcy, according to data compiled by Bloomberg,” according to the article.
The article later
states, “The usual playbook for managing distress doesn’t readily apply.
Shutting down a hospital isn’t the same as boarding up a storefront.
Hospitals are not only major employers, their closures often leave the most
vulnerable patients bereft. Bankruptcy judges tend to push back on approving
hospital closings in ways they wouldn’t for a retailer, said Andrew Sherman,
head of restructuring at law firm Sills Cummis & Gross P.C.”
“In a typical
restructuring you’re dealing with widgets,” Sherman said. “In a health-care
restructuring you’re dealing with people’s lives.”