Forest Park Frisco obtains funding to remain operating into 2016

Forest Park Medical Center in Frisco is able to remain in operation through February 2016 after receiving financing in early November from Sabra Texas Holdings, a subsidiary of FPMC Frisco’s landlord Sabra Health Care REIT.

Sabra is loaning FPMC Frisco up to $18.5 million. According to a statement from FPMC officials, the financing gives FPMC Frisco time to restructure operations so it can continue business after February 2016.

“Due to the preparation and planning by the [FPMC] Frisco board of managers and the recent approval of debtor-in-possession financing by our landlord, Forest Park Frisco is now positioned to effectively restructure and begin growing the business again,” the statement said. “We were fortunate to have acted quickly to seek protection under Chapter 11, giving us the opportunity to restructure while continuing operations.”

The statement continues to say FPMC Frisco is also hiring.

FPMC Frisco filed for Chapter 11 bankruptcy protection in September following months of financial issues. It has since appointed a chief restructuring officer who is helping to manage and oversee the sale of any hospital assets, oversee the reorganization process and assist with the bankruptcy case.

FPMC Frisco is a physician-owned hospital that is part of a chain of hospitals in Texas.

Other hospitals in the Forest Park system have also experienced financial issues.

FPMC San Antonio ceased operations in mid-October, and FPMC Dallas closed in early November.

FPMC Frisco broke ground in January 2011 and opened in June 2012. Sabra, a real estate investment company, purchased FPMC Frisco in 2013 for $119.8 million.

FPMC Frisco has 54 beds, which includes 30 inpatient rooms, 14 family suites, 10 ICU beds and 12 operating rooms.