Chicago hospital files for bankruptcy
Posted September 29, 2008 11:00 pm
One of the oldest hospitals in Chicago has filed for bankruptcy protection.
Michael Reese Medical Center Corporation president Paul Tuft signed a filing Monday for Chapter 11 bankruptcy. Michael Reese Hospital on the city's South Side opened in 1881.
Owners of the hospital say the facility has been deteriorating for years, and they've been shutting down operations this year.
In a statement accompanying the filing, Michael Reese says creditors in recent weeks have obtained sizable judgments against the hospital.
The land underneath the hospital has been part of Chicago's bid for the 2016 Summer Olympic games. Mayor Richard Daley has introduced a plan to acquire the site and several nearby parcels to expand the Olympic Village.