The local pathologist firm MEDex have filed for bankruptcy protection, after three years of aggressive expansion have resulted in increasing financial losses. According to this report, "the reorganized company will focus on clients in the Tri-Cities and southwest Virginia." The article notes that the debtor is continuing operations as the result of emergency loans from Wellmont:
"The company, which runs a chain of pathology labs used by physicians and hospitals, has been granted an emergency infusion of $1.5 million in financing by U.S. Bankruptcy Court in Knoxville after asking for $2.5 million in loans to stay open until a reorganization plan is in place. The loans are through Wellmont Health Management LLC, a subsidiary of Wellmont Health Systems, one of MEDex's largest clients and its third largest creditor. Wellmont Health Systems is a Tri-Cities hospital company."
I wonder what kind of records (and other irreplaceable evidence) a pathology lab keeps.
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