Foundering Flagship: In recent years, the Hadassah Medical Center in Jerusalem has been losing tens of millions of dollars annually. Image by ALMOG/WIKIMEDIA COMMONS

The Hadassah Medical Organization in Jerusalem signed an agreement with the Israeli government on a debt recovery plan.

Under the terms of the agreement signed last week, the Hadassah Women’s Zionist Organization will retain control of the hospital and appoint five members of a restructured nine-member board, the organization said in a statement about the agreement released Sunday.

The Israeli government has pledged to support the Hadassah Medical Organization until 2020 to allow it to recover financially.

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In February, facing a $370 million debt and an annual deficit exceeding $85 million, Hadassah hospital declared bankruptcy after two large Israeli banks cut off its credit lines.

“The agreement is of the greatest importance in assuring the success of the medical center in providing the best possible medical care for residents of Jerusalem and Israel, and continuing to provide breakthroughs in medicine, research and academia,” Marcie Natan, the Hadassah women’s organization national president, said in the statement.

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