Daytop Village Files for Bankruptcy

Court papers say Daytop owes the lenders more than $33 million.

Saturday, Apr 7, 2012  |  Updated 9:53 AM EDT
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Daytop Village Files for Bankruptcy

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A New York City-based drug rehabilitation provider for hundreds of people across the state has declared bankruptcy.
 
Daytop Village announced Friday it was seeking Chapter 11 bankruptcy protection.

  In a statement, the treatment agency said it was making the move "as a result of extreme financial pressure from its lending institutions.''  It said bankruptcy would allow it to continue to provide services while it puts its finances in order.
 
Court papers say Daytop owes the lenders more than $33 million. It already had agreed to sell its Midtown Manhattan headquarters to help pay off the debt. 
 
Daytop is one of the largest and oldest drug rehabilitation programs in the state.

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