Arizona Heart Institute, one of the oldest physician-owned heart institutes in the nation, has filed for bankruptcy. The bankruptcy filing comes as a part of an acquisition deal for a for-profit healthcare company.

Abrazo Health Care, a subsidary of Vanguard Health Systems, recently announced the deal. The heart institute was founded nearly 40 years ago by a world-renowned cardiovascular surgeon. The surgeon said that the company only filed bankrutpcy as a part of the deal and that Vanguard will be buying the companies assests free and clear.

A spokeswoman from the institute has announced that the purchase is only part of the reorganization process of the company. Vanguard will purchase the institute and redistribute the funds so that the institute can pay off their debt.

If you or your business are looking to get out of debt and make a fresh start and you would like to learn more about filing for bankruptcy, contact the Arizona business bankruptcy lawyers of the Harmon Law Office LLC by calling 480-829-0494.