CHICAGO - A few months after postponing a $583 million bond sale and suffering downgrades from all three rating agencies, Royal Oak, Mich.-based Beaumont Hospitals this week announced a $60 million turnaround plan that will include layoffs, pay cuts, and a delay in construction projects.

The plan does not include long-term delay of Beaumont's pending bond deals, including the $583 million revenue bond issue that has been on the day-to-day calendar since mid-September, when the credit crunch froze the tax-exempt market and temporarily halted most issues, hospital officials said.

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