The hospital system will use the loan to pay off loans it received from seven banks in 2013. Presence violated financial conditions of those loans after it reported a $186 million operating loss in 2015.
The short-term loan, also known as a bridge loan, gives the hospital system time to restructure its debt, which currently stands at about $1.1 billion.
Presence reported $25.8 million in operating losses in the first quarter of 2016, according to unaudited financial results. Around $5.2 million went to turnaround costs, reports Chicago Tribune.
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