PORTAGE PARK — Several companies have offered to buy Our Lady of the Resurrection Medical Center, and officials are working to reach an agreement with the leading bidder, a hospital official said Thursday.
Presence Health spokeswoman Angela Benander said company leaders are evaluating "several" proposals while working to sign a tentative agreement with the leading contender to buy the the 269-bed hospital at 5645 W. Addison St.
The initial sale agreement could be signed by the end of month, with the sale completed by the end of the year, Benander said.
Heather Cherone explains the latest news about Our Lady of the Resurrection Medical Center:
Benander declined to reveal the number of bids received for the hospital as well as the names of those interested in the Portage Park hospital, citing a non-disclosure agreement signed by all parties involved in the negotiations.
Presence Health CEO Sandra Bruce announced March 20 that the hospital was being put up for sale after it lost $9.8 million in 2013 and $12.5 million in 2012, even after extensive cost-cutting efforts. Losses for 2014 could reach $20 million, officials said.
Hospital leaders have said they would give a Catholic health system or hospital preference over other potential buyers. In addition, a bid for the hospital from a not-for-profit firm would be preferred to one from a for-profit group, she said.
In addition, the new owner of the hospital would be required to keep Our Lady of the Resurrection open as a general acute care medical center and to retain the hospital's 900 employees, officials said.
Any sale of the 60-year-old facility would have to be approved by the Presence Health board of directors, which operates 12 Catholic hospitals in the Chicago area including Our Lady of the Resurrection, as well as state regulators.