When St. Mary’s Hospital in Passaic sought bankruptcy protection last March, it looked like a detour on the way to liquidation or a fire sale to a health conglomerate.
The five previous New Jersey hospitals that tried to reorganize under Chapter 11 had failed to remain in-dependent. St. Mary’s seemed doomed to be the sixth, given an operating loss of $16 million in 2008 and creditors clamoring for millions more.
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