Bankrupt Steward Health approved to sell six Massachusetts hospitals at a loss

[Eugene]

Source: Reuters

Bankrupt Steward Health approved to sell six Massachusetts hospitals at a loss

Dietrich Knauth
Wed, September 4, 2024 at 5:02 PM EDT·2 min read

NEW YORK (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 and Macquarie. Steward's other liabilities exceed the modest amount that buyers agreed to pay for its hospital operations and separate assets, Arthur said.

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