(CBS/AP) — The Illinois Health Facilities and Services Review Board has approved the sale of Chicago’s oldest hospital to a newly-formed not-for-profit.

Insight Chicago received approval from the state review board to purchase Mercy Hospital and Medical Center.

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Insight Chicago, which is affiliated with a Michigan health system, promised the board it will maintain Mercy as a full-service community acute care hospital.

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Mercy filed last month for Chapter 11 bankruptcy with plans to close in May, citing operating losses of $7 million per month. The filing came after the state denied an application from Mercy’s owner, Trinity Health, to open an outpatient care center.

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