5 US Eye Surgery Clinics Declare Bankruptcy
The US eye care industry has suffered a serious setback when five surgery centers have filed themselves for the Chapter 11 bankruptcy protection. It can be added that all these companies are headed by ophthalmologist and eye surgeon Dr. Mazin Yaldo. All of these companies have filed for bankruptcy in the U.S. District Court for the Eastern District of Michigan. All of these companies are; Associated Eye Institute of Detroit, Associated Eye Specialists of Farmington Hills, Michigan Glaucoma Institute P.C. Associated Surgical Center P.C., Luna Cosmetic Centers P.C. Among these companies, Luna filed for bankruptcy protection in May. The others have filed in the last week only.
All these filings come on the heels of Comerica Bank's lawsuit against Luna Health Management, the umbrella organization, for nonpayment of loans of about $10 million.
The attorneys say that the individual filings were made to protect each company from creditors attempting to collect on the overall debt of the parent company. However, it is unclear how much Luna owes its 50-plus creditors, but it is estimated that the individual entities could owe between $1 million and $10 million each.
To conclude, Dr. Yaldo and his attorneys were not available to comment.
Source: Crain's Detroit Business
Filed under Eye Surgery, Glaucoma
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