Mercy Hospital gets OK to use cash collateral; DIP facility terminated

By Sarah Lizee

Olympia, Wash., April 7 – Mercy Hospital and Medical Center obtained court approval to use the cash collateral of its secured lenders on a limited basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

Though the company had previously received court approval to access $5 million of a proposed $30 million debtor-in-possession revolving credit facility from Trinity Health Corp., the hospital’s owner, the company later determined that it no longer needed the loans under the facility. As such, the DIP facility was terminated.

Mercy Hospital and Medical Center is a 292-bed general medical and surgical Catholic teaching hospital in Chicago that filed bankruptcy on Feb. 10 under Chapter 11 case number 21-01805.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.