Quincy Medical Center Inc. has sought bankruptcy protection as a part of a plan for Steward Health Care System LLC of Boston to take it over.
In its July 1 filing with the U.S. Bankruptcy Court for the Central District of Massachusetts in Worcester, the Quincy nonprofit hospital proposed to restructure $56 million of debt in Series A revenue bonds, issued in 2008 through the Massachusetts Health and Educational Facilities Authority.
U.S. Bank is a trustee for investors.
The Quincy Medical Center missed a $380,000 bond payment due May 31, about a month after it said it would seek a buyer.
Turnaround firm Navigant Capital Advisors of Chicago has been advising Quincy on strategic options since March.
Steward's agreement to purchase Quincy Medical and invest $34 million in its facilities hinges on bankruptcy court approval.
Boston law firm Casner & Edwards is debtor counsel. Melvin Hoffman is the presiding judge.
