Summit Health Refinances Debt in $30-Million Plan

Summit Health Ltd., a Burbank hospital operator that has been returning to financial health after problems associated with its large debt, said it has refinanced its existing bank debt in a $30-million plan that involved selling its accounts receivable to an unidentified company.

Part of the proceeds from the refinancing has been used to repay the $20 million it owed to banks, Summit said; another $10 million will be used for general corporate purposes.