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Michael Reese Hospital Files For Bankruptcy

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Michael Reese Hospital has filed for bankruptcy protection.

The South Side hospital said in a Chapter 11 petition filed in federal court in Chicago Sunday that it has $50 million to $100 million in debt and assets of $10 million to $50 million.

The hospital notified state regulators in June that it planned to close the hospital by yearend because of financial difficulties and because the city wants its 37-acre campus for redevelopment, possibly for use as an Olympic Village site.

Court papers show the hospital's 20 largest unsecured creditors are owed $19.4 million, including $6.62 million due to Mundelein-based Medline Industries Inc., which owns the property and leases the hospital to Michael Reese.

Read the whole story at Crain's Chicago Business