Owners of hospital set for closing file for bankruptcy [View all]
MELROSE PARK, ILL. -- The owner of a suburban Chicago hospital whose attempt to close the facility because of a lack of patients was halted by a court order has declared bankruptcy.
Westlake Hospital in Melrose Park filed Tuesday for Chapter 7 bankruptcy liquidation in U.S. Bankruptcy Court in Delaware. Owner Pipeline Health listed Westlake assets of $1 million to $10 million and liabilities of $10 million to $50 million.
Pipeline Health requested a trustee be appointed to oversee the hospital, which has 225 beds. The company says it is losing nearly $3 million a month and no buyer has emerged for the facility that is about 80% empty.
CEO Jim Edwards says if the trustee chooses to close Westlake, current patients will be transferred to one of the nearby hospitals.
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