Pipeline Health System’s sale of two Chicago hospitals to Resilience Healthcare and Ramco Healthcare Holdings, LLC, was approved late today by the U.S. Bankruptcy Court for the Southern District of Texas, subject to docketing of a final order.
Resilience will assume operations of Weiss Memorial Hospital in Chicago’s Uptown neighborhood and West Suburban Medical Center in Oak Park at 12:01 a.m. Saturday (Dec. 3). Resilience is led by healthcare executive Manoj Prasad and financial partner Rathnakar R. Patlola, who manages Ramco.
California-based Pipeline and its affiliates filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code on Oct. 2.
Last week Pipeline announced that it had reached an agreement with Resilience and Ramco to complete the sale, pending Court approval.
In a memo sent Wednesday to employees and physicians of the two Chicago hospitals, Pipeline CEO Andrei Soran wrote, “We look forward to seeing the future success of Weiss and West Suburban unfold as you continue in your important work. Best wishes for a future rich in achievement and fulfillment.”