Insight Chicago is offering to purchase Mercy Hospital & Medical Center in Chicago for $1, a new regulatory filing reveals.
The hospital filed for bankruptcy Feb. 10 and last week secured a nonbinding purchase agreement with Insight Chicago, a nonprofit affiliated with a Flint, Mich.-based biomedical technology company, just months before it is slated to close its doors.
The deal is subject to regulatory approval, but if it goes through, it would keep the 170-year-old safety-net hospital open.
According to the new filing, if the deal is approved, Mercy Hospital would seek permission from the bankruptcy court to dismiss the Chapter 11 bankruptcy proceedings and transition the facility to Insight Chicago.
Insight Chicago said in its application that it doesn't plan to add or cut services at Mercy Hospital, but it would make changes after talking to community stakeholders. It also plans to change the hospital's name and to stop running the hospital as a Catholic facility, according to NPR affiliate WBEZ.