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Bankrupt Pipeline Healthcare Sells Two Chicago Hospitals to AUM

Nov. 23, 2022, 7:31 PM

Bankrupt Pipeline Health System LLC plans to sell two Chicago-area hospitals to AUM Global Healthcare Management in a deal worth $92 million.

The deal includes $5 million in equity proceeds from Ramco Healthcare Holdings, an AUM affiliate, according to Pipeline’s court filing Tuesday. Pipeline will also receive $20 million in a loan from Ramco and $67 million in a note issued by Ramco.

Pipeline, based in El Segundo, Calif., had plans to sell the Chicago-area hospitals to AUM earlier this year. The deal hadn’t been finalized before Pipeline filed for Chapter 11 on Oct. 2. The revised deal now has ...