Fairmont General Hospital's attorneys said after a lot of negotiation the court has tentatively approved in part the hospital's motion for interim financing.
FGH attorneys plan on finalizing the details with the court Friday, Nov. 8.
The next step in the process will lead to putting the hospital back on the market for a strategic partner or purchaser.
Fairmont General Hospital's next court hearing regarding its bankruptcy will be October 2.
"These are just regularly scheduled hearings. I think mostly to consider a number of previous motions that were made on the first day," said Robert Marquardt, the FGH President and CEO.
Fairmont General Hospital said it doesn't have a timeline for the events, and it's still searching for a strategic partner.
The Fairmont General Hospital Board of Directors has announced that the hospital will file for bankruptcy protection on September 3, 2013.
The hospital said filing for Chapter 11 Bankruptcy protection will allow Fairmont General to restructure long-term debt and contracts, as well as regulate costs with local, regional and national healthcare norms.
"We're moving forward to take this action now because we know it is necessary to make us financially and operationally stronger and to pave a smoother transition when we do find the right partner," said Robert C. Marquardt, president and chief executive officer of Fairmont General in a news release.
Fairmont General Hospital will emerge as a more focused and profitable hospital, said Marquardt.
"All of our employees will have jobs," he said. "They will all have their salaries. We don't plan any layoffs. It should be very transparent to everybody associated with the hospital whether they are patients, staff, or physicians."
Service Employees International Union District 1199 Executive Vice President Kathy McCormick said, "On behalf of the over 300 employees of Fairmont General Hospital represented by SEIU District 1199, let me first say that we are committed to working with hospital management to preserve quality care and services that this community relies on," in a statement issued Friday.
"In the spirit of cooperation, we call upon the management of Fairmont General Hospital to sit down with employees and their representatives to discuss ways to improve hospital operations. Not all of the answers or the best ideas come from the Board Room. If hospital executives are as committed to the future of Fairmont General Hospital as the employees are, they should listen to what workers have to say as well," said McCormick.
Fairmont General Hospital is a private, nonprofit community hospital founded in 1939, according to a news release.