Chicago-based Presence Health confirmed it received a $528.1 million short-term loan from JPMorgran Chase as the Catholic hospital system works to stabilize its financial footing, reports Chicago Tribune.
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.