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In a press release, company officials said Steward took the step as a necessary measure to allow the company to continue to provide needed care to its patients.In a press release, company officials said Steward took the step as a necessary measure to allow the company to continue to provide needed care to its patients.
“Steward does not expect any interruptions in its day-to-day operations, which will continue in the ordinary course throughout the Chapter 11 process,” the company said in a written statement. “Steward’s hospitals, medical centers and physician’s offices are open and continuing to serve patients and the broader community and our commitment to our employees will not change.”
Massachusetts Gov. Maura Healey said Monday that the state had been preparing for a possible bankruptcy filing and has established a call center for anyone with questions. She said despite the filing, Steward hospitals will remain open and patients should continue to keep their appointments. Steward said it is finalizing the terms of “debtor-in-possession financing” from its landlord Medical Properties Trust for initial funding of $75 million and “up to an additional $225 million upon the satisfaction of certain conditions.”
He also pointed to what he described as insufficient reimbursement by government payers as a result of decreasing reimbursement rates at a time of skyrocketing costs.
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