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6 jaw-dropping revelations Stunning takeaways from Steward Health Care's bankruptcy filing. Steward also said the move will make it easier to transition its Massachusetts hospitals to another company.
Steward Health Care announced Friday that is it closing two hospitals in Massachusetts because it received no qualified bids for the facilities after declaring bankruptcy earlier this year. In a ...
The Steward Health Care System. The Steward Health Care System (SHCS) is a private, for-profit company that operates more than 30 hospitals in nine states, including 25 urgent care centers and 107 ...
St. Elizabeth's Medical Center in Brighton, MA, which served as Steward's flagship hospital until it was sold in 2024 [19]. Steward Health Care was founded in 2010, when Caritas Christi Health Care was sold to New York private equity firm Cerberus Capital Management, with Caritas CEO and former Beth Israel Deaconess Medical Center heart surgeon Ralph de la Torre continuing as CEO of the new ...
The $30 million is also contingent on Steward hitting milestones and cannot be used for rental payments, debt service or management fees. The company’s hospitals are scattered across eight states. A Senate committee voted last week to authorize an investigation into Steward’s bankruptcy and to subpoena de la Torre. The subpoena would compel ...
Steward's bankruptcy is set to be one of the largest hospital bankruptcies in U.S. history, and the largest one in decades. [15] The next day, Steward announced that it had indeed filed voluntarily for Chapter 11 bankruptcy protection. The company stressed that its hospitals and medical offices would remain open during the proceedings.
As a result, Sanders said Steward and the 30 hospitals it operates in eight states were forced to declare bankruptcy with $9 billion in debt. In a statement, Steward Health Care said it plans to address the subpoena. “We understand the desire for increased transparency around our journey and path forward,” the company said.
Bankrupt hospital operator Steward Health Care received a bankruptcy judge’s approval on Friday to sell its nationwide physician network to a private equity buyer while its stalled efforts to ...