Steward wants to sell its hospitals at auction this summer. But the sales process is off to a rocky start, raising anxiety for people who rely on Steward hospitals for medical care and jobs.
After months of uncertainty around the future of Steward Health Care, the company’s hospitals are set to be sold at a series of auctions this summer. But the sales process is off to a rocky start, and public officials and health care leaders are growing concerned that not all of Steward’s hospitals will attract buyers.and had planned to auction off dozens of hospitals in June. But those auctions have been delayed.
David Storto, a consultant and former Massachusetts hospital executive, said he’s skeptical that many hospital operators will be eager to submit bids for Steward hospitals. A hospital sale typically takes months or even years. Steward doesn’t have that kind of time. It’s relying on temporary financing to keep the doors of its hospitals open. The company hasn’t said how long that financing will last, but its deals with lenders demand that it sell its assets quickly.David Storto, a former Massachusetts hospital executiveIt has been marketing its hospitals and doctors group to potential buyers for months.
One of the biggest complications in any potential deal is that Steward does not own its real estate. In 2016, the company sold its property to an Alabama-based real estate investment trust, Medical Properties Trust, or MPT, and is locked into escalating lease payments. Steward used the proceeds of the property sale to
The auctions are scheduled to take place in a high-rise office building on New York's Fifth Avenue, where groups of lawyers and financial advisors gather in conference rooms and virtually to negotiate terms of the sales — in secret. The winning bids will be made public.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Many things masquerade as anxiety. Here's what to do about them.Anxiety often travels with company, and many things masquerade as anxiety.
Read more »
Aesha Scott teases Below Deck Mediterranean season 9 steward drama: 'a recipe for disaster''Below Deck Mediterranean' chief steward Aesha Scott teases season 9 stew drama: 'It got to a point where I was really struggling to know how to manage my girls.'
Read more »
Judge sets hospital auction dates as Steward scrambles to find cashA federal judge Monday ordered Steward Health Care to sell its Massachusetts hospitals at auction by the end of the month, and to seek additional financing to keep the company operating during bankruptcy.
Read more »
Austrian GP Steward Johnny Herbert Defends Lando Norris After Max Verstappen ClashAustrian GP Steward Johnny Herbert discusses 'cracks' at Red Bull following Max Verstappen-Lando Norris crash.
Read more »
Austrian GP Steward Johnny Herbert Reveals Why Max Verstappen Wasn't Punished More After McLaren ComplaintsFormer F1 driver and Austrian GP steward Johnny Herbert explained why a more severe penalty was not imposed on Max Verstappen.
Read more »
Steward hospital deal with Optum called offOptum informed the Health Policy Commission that it is no longer working to finalize an agreement with Steward around the sale of Stewardship Health to Optum Care. The potential sale was first announced in March, which has raised concerns amongst lawmakers on the significant impact it may have on the health care market in Massachusetts.
Read more »