Presence Health Finds Buyer For Our Lady of the Resurrection Medical Center

Chicago-based Presence Health has signed a letter of intent to sell Our Lady of the Resurrection Medical Center to Community First Healthcare of Illinois, according to a Crain's Chicago Business report.

Community First Healthcare of Illinois is backed by a New York-based capital and advisory firm, and was created for the purpose of bidding on Our Lady of the Resurrection Medical Center, which Presence Health put up for sale in March. Community First Healthcare of Illinois is a benefit corporation — a relatively new form of corporation in Illinois — created to pursue both profits and the public good.

Presence determined finding a buyer was the best way to maintain operations of the 269-bed Chicago hospital, which has been struggling financially. The hospital reported a $9.8 million loss in 2013.

The financial terms of transaction have not been disclose, according to Crain's.

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