Crain's:
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.Related: Condemn hospital: alderman
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.
Other large unsecured creditors include University of Illinois Medical Center at Chicago (owed $2.3 million) and ComEd ($2.1 million).
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