U.S. hospital network Steward files for bankruptcy and seeks new loan
Steward Health Care, which manages 31 hospitals across eight U.S. states, filed for Chapter 11 bankruptcy in Texas on Monday. The filing aims to secure a new loan from its landlord, Medical Properties Trust.
As the largest private physician-owned for-profit healthcare network in the U.S., Steward assured that it would continue serving patients as usual during the bankruptcy process.
Recently, the company closed a hospital in Massachusetts and faced sharp criticism from state officials over what they described as risky financial decisions by current management and former private equity owners. These decisions included selling off the company’s real estate, resulting in long-term rent obligations for its hospitals.
This post originally appeared on Reuters.
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