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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Read more: https://news.yahoo.com/news/bankrupt-steward-health-approved-sell-210217354.html

[Probatim]

1. Medical Properties Trust is a real estate investment firm.

So they siphoned as much money as possible from the healthcare system to bankrupt it - wonder how many careers they ruined in the process.

[Lonestarblue]

2. Private equity needs to be taxed at such rates to make their operations unprofitable.

They destroy, not build. The Steward CEO sucked money out of the hospitals by refusing to pay the leases on needed equipment while buying expensive corporate jets to provide lavish vacations for executives. I’m sure they’re doing the same with hospitals in other states. Since they get federal money through Medicare, the DOJ needs to investigate them. Steward got away with their financial depredations for years until a woman died after giving birth because a machine needed to save her life had been repossessed for nonpayment of the lease. Once the state got involved, things happened quickly. Massachusetts has an awesome AG.