NEW YORK - Bankrupt Steward Health Care has put all of its 31 U.S. hospitals up for sale, hoping to finalize transactions by the end of the summer to address its $9 billion in total liabilities, its attorneys said at a Tuesday court hearing in Houston.
The privately-owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticized Steward's management and its former private equity owners for making short-sighted financial decisions that undermined patients' care. Massachusetts officials in particular criticized a series of transactions that sold off the company's real estate and saddled it with long-term rent costs at its hospitals.
Schrock said Steward has real value, despite carrying a $9 billion debt load. The company had $6 billion in annual revenue before filing for bankruptcy, and it has been pursuing a sale of its physician group, Stewardship Health Care, to UnitedHealth subsidiary Optum Care for an amount that would repay the company's loans and allow it to pay some of its vendors, Schrock said.
"It never really stabilized the company," Schrock said."The company was always very close to running out of cash."
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: BNNBloomberg - 🏆 83. / 50 Read more »