Business placeholder

Owner of closed Boonville Hospital files for bankruptcy

BOONVILLE, Mo. | The Kansas-based owner of a Boonville hospital that abruptly closed in January has filed for Chapter 11 bankruptcy.

Pinnacle Healthcare System filing for reorganization means the Boonville hospital will reopen, CEO Joe Conigliaro said in a statement Thursday, although he did not provide further details. An Overland Park, Kansas, hospital owned by Pinnacle Healthcare will remain open. KCUR reported.

The Chapter 11 filing will allow the companies “to restructure our debts and ensure stable, stronger, and viable business operations now and when we emerge from Chapter 11,” Conigliaro said.

The company owes somewhere between $10 million and $50 million to between 200 and 1,000 creditors, according to its bankruptcy petition.

Manufacturing output slips 0.1%

in January

WASHINGTON | U.S. manufacturing output fell slightly in January, driven lower by Boeing’s decision to halt production of its troubled 737 MAX aircraft.

The Federal Reserve said Friday that factory output declined 0.1% last month after eking out a 0.1% gain in December. Excluding the production of airplanes and parts, factory production rose 0.3%.

U.S. manufacturing has shown signs of recovering from a yearlong downturn but is facing a fresh challenge from Boeing’s troubles, which also affect hundreds of suppliers. Manufacturing output is down 0.8% in the past year, hurt by the U.S.-China trade war and slower global growth.

Overall industrial production, which includes output from mines and utilities, dropped 0.3% in January, held back by a 4% drop in utility production because of unseasonably warm weather.

RBS changes name to NatWest in bid to shed legacy of bailout

LONDON | The majority state-owned U.K. bank RBS announced a name change on Friday as it tries to leave behind its near-collapse during the 2008 financial crisis.

The bank said it will now be known as NatWest Group Plc, shedding the 300-year-old Royal Bank of Scotland name.

The Edinburgh-based lender said 80% of its customers bank with NatWest, which RBS bought in 2000, rather than through RBS branches. RBS also owns Northern Ireland’s Ulster Bank.

The British government spent 45 billion pounds bailing out RBS after the 2008 crisis, and still owns a 62% stake in the bank.

— From AP reports