Bankrupt Steward Health puts its hospitals up for sale, discloses $9 bln in debt
Bankrupt Steward Health Care has put all of its 31 U.S. hospitals up for sale, hoping to finalize transactions by the end of the summer to address its $9 billion in total liabilities, its attorneys said at a Tuesday court hearing in Houston.
Steward, which filed for bankruptcy protection on Monday, hopes to keep all of its hospitals open over the long term, Steward attorney Ray Schrock told U.S. Bankruptcy Judge Chris Lopez, who is overseeing the Chapter 11 proceedings.
The privately-owned company closed a hospital in Massachusetts earlier this year, and officials in that state have criticized Steward's management and its former private equity owners for making short-sighted financial decisions that undermined patients' care. Massachusetts officials in particular criticized a series of transactions that sold off the company's real estate and saddled it with long-term rent costs at its hospitals.
22 replies
There should be a law banning private equity firms from owning hospitals or LTC homes, because all those firms do is strip them of their assets and raze them to the ground.
Yeah. Business Insider had a good long read on that. I think it was posted before, but it's worth reading.
I don't see how this isn't a fraud on the same level as Enron. There is no way that MPT was an arm's length third party when literally everyone of Steward's hospitals was entering into leaseback agreements with them. The system is fucking broken and it's goddamn shameful. They are doing this with vital services which will cause communities untold suffering and has already resulted in loss of human life if you read up on their mismanagement of the hospitals.
Shameful is putting it lightly…
That's the dumbest fucking thing I've read all day.
Living up to your name I see.
FTFY
All private equity is doing is basically a corporational cannibalism.
Can you imagine a shareholder having more power than a dr in deciding your healthcare options?
if gov gets in charge think of the death panels
Hospitals should never be privately owned. Business and healthcare have diametrically opposed incentives.
Some Christian hospital system that doesn't support the full spectrum of reproductive rights will buy it. Healthcare shouldn't be dictated by profits. What will it take to get universal healthcare? We should all be rioting.
That's fucked up that the church has this kind of money.
Yep, a reminder to all: if you have healthcare options that aren't tied up with hospital systems that don't provide full spectrum care, choose those systems. Getting a new primary sucks, changing providers sucks, but our choices matter.
God I don't want this privatization in Canada.
Poivrière is hard at it. I don't think Canadians will accept it willingly though, conservatives will spin it as owning the libs like they usually do
Too late. They already own LTC homes and some medical centres.
Drug FraudDoug Ford is hard at work into making it reality in Ontario.I want to see right-wing politicians justify this.
They'll literally think it's good and an example of the glory of private markets because good companies survive and bad ones don't. So this just opens the market to new innovative, cost savings, streamlined, technology driven solutions
Something something immigrants abortions
Could they at least be creative in their dumbassery. Blaming brown people for all your problems is so overplayed