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SAN DIEGO -- San Diego Hospice has filed for Chapter 11 bankruptcy, according to a statement from the organization's CEO.
"Our decision to take this course follows many months of financial and other challenges," said Kathleen Pacurar, CEO of the troubled non-profit.
The end-of-life care service, which faces growing medical costs and a federal audit, announced it will continue operations while it reorganizes assets and "explores" structural options. This will take up to 90 days, Pacurar said.
According to the Chapter 11 filing, the organization's creditors include Wells Fargo Bank, which the organization owes $4 million, and Price Charities.
Among the critical challenges now facing San Diego Hospice includes a rapidly decreasing number of patients. Pacurar said that number has decreased 50 percent in just three months.
Read the full story on NBC 7 San Diego HERE.