Financial Difficulties and Discontinuation of Services
The hospital was closed on March 16, 2008 due to financial difficulties. As of April 2008 the Cabrini Medical Center web site reported "As of March 14, 2008, many of the services at Cabrini Medical Center are no longer available. ... The Emergency Department, acute inpatient units and most outpatient services are closed."
On July 10, 2009, Cabrini Medical Center filed for Chapter 11 Bankruptcy citing net assets of $46 million and liabilities of $167 million. Their top five secured creditors were the mortgage holder Sun Life Assurance Company of Canada ($35.1 million); Missionary Sisters of the Sacred Heart in Chicago ($33 million); the New York branch of the Missionary Sisters ($18.7 million); 1199 Service Employees International Union (SEIU) National Benefits Fund ($5.1 million); and an affiliate of Saint Vincent's Catholic Medical Centers (SVCMC), which had loaned Cabrini $4 million. The largest unsecured creditors were Consolidated Edison ($4.2 million); St. Vincent’s ($3.2 million); Dormitory Authority of the State of New York (DASNY) ($2.6 million). It owed a $828,000 health facility assessment tax to New York State, $418,000 in fees to the New York State Department of Health, $412,000 in dues to The Healthcare Association of New York State (HANYS), and $308,000 to Mount Sinai Hospital.
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