financetom
Business
financetom
/
Business
/
Bankrupt Steward Health approved to sell six Massachusetts hospitals at a loss
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Bankrupt Steward Health approved to sell six Massachusetts hospitals at a loss
Sep 6, 2024 12:45 PM

NEW YORK, Sept 4 (Reuters) - Steward Health Care, the

largest private hospital operator in the U.S., received a

bankruptcy judge's approval on Wednesday to sell six

Massachusetts hospitals, despite taking no profit from the $343

million sale.

U.S. Bankruptcy Judge Christopher Lopez approved the sales

as "the best deal that's on the table," at a court hearing in

Houston, Texas.

The sale will allow Steward to stem its losses and minimize

the disruption to patients, even though the company won't make

any money from the sale, Steward's attorney Candace Arthur told

Lopez.

Most of the money from the sales will be paid to acquire the

hospital real estate, which is owned by Medical Properties Trust ( MPW )

and Macquarie. Steward's other liabilities exceed the

modest amount that buyers agreed to pay for its hospital

operations and separate assets, Arthur said.

Steward previously sold its Massachusetts real estate in a

2016 transaction that has been criticized by Massachusetts

politicians and U.S. Senators.

Massachusetts supported the sale, agreeing to provide $42

million in funding to the hospitals for September. Massachusetts

had previously provided a $30 million lifeline to the hospitals.

Under the approved sale agreements, Rhode Island-based

Lifespan Health System will acquire Saint Anne's Hospital in

Fall River and Morton Hospital in Taunton for $175 million;

Boston Medical Center will acquire Good Samaritan Medical Center

in Brockton and St. Elizabeth's Medical Center in Boston for

$140 million; and Lawrence General Hospital will acquire Holy

Family Hospitals in Methuen and Haverhill for $28 million.

Steward previously announced the closure of two other

hospitals in Massachusetts and two hospitals in Ohio.

Dallas-based Steward filed for bankruptcy protection in May,

attempting to sell all its hospitals to address $9 billion in

debt. Before the announced closures, Steward operated 31

hospitals in eight states.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
PVH Offers Multiyear Margin Potential After Q1 Results, Wedbush Says
PVH Offers Multiyear Margin Potential After Q1 Results, Wedbush Says
Jun 5, 2024
01:05 PM EDT, 06/05/2024 (MT Newswires) -- PVH (PVH) remains attractive based on valuation after the company delivered no major surprises in its Q1 results, Wedbush said in a note Wednesday. We remain bullish on the name as we believe that it continues to possess a compelling multiyear margin story, and valuation is attractive to us, Wedbush analysts Tom Nikic...
IGM Financial  Reports May Assets Under Management
IGM Financial Reports May Assets Under Management
Jun 5, 2024
01:06 PM EDT, 06/05/2024 (MT Newswires) -- IGM Financial ( IGIFF ) Wednesday reported total assets under management and advisement of $251.1 billion on May 31, , up 1.8% from $246.7 billion at April 30 and up 8.9% from $230.6 billion at May 31, 2023. Total consolidated net outflows were $301 million during May. For IGM Financial ( IGIFF ),...
Lockheed Martin to buy up to 25 rocket launches from Firefly Aerospace
Lockheed Martin to buy up to 25 rocket launches from Firefly Aerospace
Jun 5, 2024
(Reuters) - Lockheed Martin ( LMT ) has entered a purchase agreement with Firefly Aerospace for up to 25 launches on its Alpha rocket by 2029, the U.S. defense contractor said on Wednesday. Texas-based Firefly makes small and medium launch vehicles for commercial launches to orbit. Its small-launch vehicle, Alpha, will fly Lockheed's spacecraft and payload into low-Earth orbit from...
Banks' drive to 'tokenise' assets moves slower than expected
Banks' drive to 'tokenise' assets moves slower than expected
Jun 5, 2024
AMSTERDAM, June 5 (Reuters) - Banks which for years have talked about creating 'tokenised' versions of assets like bonds and currencies say a shift to blockchain-based trading is taking longer than expected, with some investors cautious about the idea. By creating tokenised assets - usually blockchain-based tokens to represent holdings of mainstream assets such as currencies or bonds - banks...
Copyright 2023-2026 - www.financetom.com All Rights Reserved