HONOLULU -- Hawaii Medical Center on Friday announced it will cut 150 jobs as part of its bankruptcy reorganization.

HMC filed for Chapter 11 bankruptcy protection last month. Company officials said they filed for bankruptcy because one of its lenders refused to extend existing loan agreements.

The workers will be informed next week if they are slated to be laid off, HMC officials said. The employees would be given 60 days before they are terminated.

Hawaii Medical Center owns and operates two hospitals on Oahu that it took over from St. Francis Health Systems early last year. They are Hawaii Medical Center-East in Liliha and Hawaii Medical Center-West in Ewa Beach.

The health care company hired an expert to help it reorganize. As part of the plan, HMC will cut the number of beds from 342 to 50 at each hospital.

HMC officials said they did not think this action would happen so soon.