Under the final asset sale agreement, Insight Chicago will buy Mercy Hospital for $1. In exchange, Insight agreed to continue operating Mercy Hospital as a full-service community acute care facility and meet charity care policies currently in place at the hospital.
An Illinois review board approved the sale March 22. The sale is slated to close May 31.
Now that the agreement is finalized, Mercy Hospital will seek permission from the bankruptcy court to dismiss the Chapter 11 proceedings and transition the facility to Insight Chicago.
Mercy filed for bankruptcy protection Feb. 10, citing mounting financial losses and losses of staff that challenged its ability to provide safe patient care. The hospital’s owner, Livonia, Mich.-based Trinity Health, said it would wind down acute care services in May as part of the bankruptcy filing.
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