Our Lady Of Mercy Files For Chapter 11

Law360, New York (March 12, 2007, 12:00 AM EDT) -- Filing for Chapter 11 bankruptcy protection on Thursday, Our Lady of Mercy Medical Center has already petitioned the court to approve the sale of its assets to its partner hospital.

According to court documents filed in the U.S. Bankruptcy Court for the Southern District of New York, Montefiore Medical Center has entered a stalking horse bid for OLM. Under the purchase agreement, Montefiore will pay $33.5 million, $30 million in cash and rest made up of other assumed debts.

A hearing has been scheduled for March...
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