Bankrupt Steward Health puts its hospitals up for sale, discloses $9 billion in debt
CNN
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Contributed by: Sarah Richardson
Summary
Steward Health Care is selling all 31 of its U.S. hospitals after filing for bankruptcy protection, aiming to manage its $9 billion liabilities without closing any facilities. Despite having high annual revenues and potential value in other assets, the company struggled with financial stability due to burdensome long-term rent obligations and unpaid bills and wages. Steward's plans include auctions for its hospitals and a potential sale of its physician group to mitigate against immediate financial collapse, reinforced by a court-approved interim financing agreement.
