A 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.
The company's 31 hospitals across eight states will be offered for sale in a pair of auctions, both slated to wrap up this summer.
Bids for the first set of hospitals are due June 24, and an auction will be held June 27, according to the plan approved by the judge. It’s unclear how many bidders will emerge, and whether all Steward hospitals will in fact draw buyers. Andrew Troop, a lawyer representing Massachusetts, noted that any hospital sales still will be subject to state laws.Steward's locations in Massachusetts include Holy Family Hospital in Methuen and Haverhill, Nashoba Valley Medical Center in Ayer, St.
Steward’s representatives asked the judge to authorize them to pay certain expenses, including an estimated fee of $6.75 million, to attract and secure new lenders. Lopez approved the request, despite objections from a previous group of lenders.“We, for the first time, have several real, tangible opportunities for financing,” said Ray Schrock, one of Steward’s lawyers.
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