The Quincy Medical Center missed a $380,000 bond payment due May 31, about a month after it said it would seek a buyer.
U.S. Bank, a trustee for investors in $60.3 million of Series A revenue bonds issued in 2008 through the Massachusetts Health and Educational Facilities Authority, said in a regulatory filing that it has hired legal counsel and a financial adviser to pursue the matter.
The bank now holds $1.5 million in the debt service fund, $4.8 million in the debt service reserve fund and $7,541 in the capitalized interest fund, according to the filing. The filing said the bond issue was for infrastructure improvements and refinancing.
The 196-bed nonprofit hospital in Quincy, Mass., hired turnaround firm Navigant Capital Advisors of Chicago in March to weigh strategic options, including a sale.
“This was planned for and anticipated as part of our process to identify a capital markets partner. We expect to have more information to share in the coming weeks,” the hospital said in a statement.