Associate Matthew Stockl was quoted in a Law360 article, “Chicago’s Mercy Hospital Gets Nod On $5M Ch. 11 Financing,” about an Illinois bankruptcy judge’s interim approval of $5 million in post-petition financing for Chicago’s Mercy Hospital and Medical Center.
Stockl, who represents the hospital, said immediate access to a portion of the $30 million debtor-in-possession facility would help the debtor navigate the first few weeks of its Chapter 11 case. The financing is coming from parent company Trinity Healthcare Corporation, which provided the money through a shared services agreement prior to the bankruptcy.
“It would be catastrophic if Mercy didn’t have access to the Trinity shared services, which is only available through the continuation of the prepetition financing,” Stockl said.