Bankrupt Steward Health Care sells physician network as Massachusetts hospital seized
NEW YORK - Bankrupt hospital operator Steward Health Care received a bankruptcy judge’s approval on Friday to sell its nationwide physician network to a private equity buyer while its stalled efforts to sell Massachusetts hospitals caused the state to step in and seize one hospital.
Steward put all its 31 hospitals up for sale when it filed for bankruptcy in an effort to address its $9 billion debt. Steward's attorney Ray Schrock said on Friday the company was"very, very close" to finalizing deals for Massachusetts hospitals, but state officials, unhappy with delays, acted to seize one hospital on Friday.
The company's bankruptcy has drawn scrutiny from Massachusetts officials and U.S. Senators, who criticized the company and its former private equity owners for selling the land under its hospitals to a real estate company, saddling the company with over $6.6 billion in long-term rent obligations and leaving it on shaky financial footing.
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