Steward Health Care is on the brink of finalizing the sale of their Massachusetts hospitals as they work through Chapter 11 proceedings to address $9 billion in debt. The company’s lawyers informed the bankruptcy court that they have not yet signed asset purchase agreements but are close to completing the deals. The state is closely monitoring the situation as several hospitals are set to be sold to new owners, with the hope of Steward exiting the Bay State health care market entirely.
There have been delays in the sale process, with a hearing postponed for the sixth time, and uncertainty remains about the finalization of the deals. Steward has accused their landlords, Medical Properties Trust, of interfering with the sales process, a claim that MPT denies. Despite the back and forth between the two parties, Steward’s sale hearing is scheduled for Aug. 27, and the closure of Carney and Nashoba Valley hospitals on Aug. 31.
The company’s efforts to transition the Massachusetts hospitals are being closely watched by stakeholders, including the state government and interested buyers. Steward’s goal is to complete the transition smoothly and efficiently, as they navigate the complex bankruptcy proceedings. The future of the hospitals, their employees, and patients is at stake, as Steward works towards resolving their financial challenges.
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