Arizona Heart Institute files for bankruptcy protection; board OKs selling assets in $6M deal

Arizona Heart Institute files for Chapter 11

PHOENIX — The physician-owned Arizona Heart Institute has filed for Chapter 11 bankruptcy protection.

In its bankruptcy petition, the Heart Institute lists assets of $10 million to $50 million and liabilities of $1 million to $10 million. Officials cite the turbulent economy and a general decline in reimbursements from government and private insurers as financial pressures in its bankruptcy filing.

The Heart Institute was founded in 1971 in Phoenix. Its board last week authorized selling its assets to Nashville, Tenn.-based Vanguard Health Systems in a deal valued at nearly $6.1 million.

The deal could close Sept. 15 pending approval from a bankruptcy court, which could also solicit additional bidders for the 15-physician cardiac group’s assets.

Information from: The Arizona Republic, www.azcentral.com