NEW DELHI: United State’s largest non-public healthcare operator, Steward Well being Care on Wednesday obtained a chapter decide’s approval to promote six Massachusetts hospitals, regardless of taking no revenue from the $343 million sale.
The sale was accepted by chapter decide Christopher Lopez at a court docket listening to in Houston, Texas calling it “the most effective deal that is on the desk.”
Steward’s lawyer Candace Arthur advised Lopez that the sale will permit the corporate to restrict its loss and decrease the disruption to sufferers, regardless that no cash could be made.
The cash from the sale could be paid to accumulate the hospital actual property, owned by Medical Properties Belief and Macquarie. Steward’s different liabilities exceed the modest quantity that consumers agreed to pay for its hospital operations and separate belongings, Arthur added.
Earlier in 2016, Steward had bought its Massachusetts actual property in a transaction that was answered with criticism by the Massachusetts politicians and US Senators.
Massachusetts supported the sale, agreeing to supply $42 million in funding to the hospitals for September. It had earlier supplied a $30 million lifeline to the hospitals.
Below the accepted sale agreements, Rhode Island-based Lifespan Well being System will purchase Saint Anne’s Hospital in Fall River and Morton Hospital in Taunton for $175 million; Boston Medical Heart will purchase Good Samaritan Medical Heart in Brockton and St. Elizabeth’s Medical Heart in Boston for $140 million; and Lawrence Basic Hospital will purchase Holy Household Hospitals in Methuen and Haverhill for $28 million.
Steward beforehand declared closing two different hospitals in Massachusetts and two hospitals in Ohio.
Dallas-based Steward had filed for chapter safety in Could with an try to promote all its hospitals addressing the $9 billion in debt. Earlier than the introduced closures, Steward operated 31 hospitals in eight states.
The sale was accepted by chapter decide Christopher Lopez at a court docket listening to in Houston, Texas calling it “the most effective deal that is on the desk.”
Steward’s lawyer Candace Arthur advised Lopez that the sale will permit the corporate to restrict its loss and decrease the disruption to sufferers, regardless that no cash could be made.
The cash from the sale could be paid to accumulate the hospital actual property, owned by Medical Properties Belief and Macquarie. Steward’s different liabilities exceed the modest quantity that consumers agreed to pay for its hospital operations and separate belongings, Arthur added.
Earlier in 2016, Steward had bought its Massachusetts actual property in a transaction that was answered with criticism by the Massachusetts politicians and US Senators.
Massachusetts supported the sale, agreeing to supply $42 million in funding to the hospitals for September. It had earlier supplied a $30 million lifeline to the hospitals.
Below the accepted sale agreements, Rhode Island-based Lifespan Well being System will purchase Saint Anne’s Hospital in Fall River and Morton Hospital in Taunton for $175 million; Boston Medical Heart will purchase Good Samaritan Medical Heart in Brockton and St. Elizabeth’s Medical Heart in Boston for $140 million; and Lawrence Basic Hospital will purchase Holy Household Hospitals in Methuen and Haverhill for $28 million.
Steward beforehand declared closing two different hospitals in Massachusetts and two hospitals in Ohio.
Dallas-based Steward had filed for chapter safety in Could with an try to promote all its hospitals addressing the $9 billion in debt. Earlier than the introduced closures, Steward operated 31 hospitals in eight states.
