Jun 11, 2024 - News

Steward Health Care finds last-minute funding to stay open into fall

Carney Hospital in Dorchester, part of the Steward Health Care system.

Carney Hospital in Dorchester, one of Steward's holdings. Photo: Maddie Meyer/Getty Images

Steward Health Care says it secured $225 million in funding to stay open through its bankruptcy.

Why it matters: The Dallas-based hospital system, which operates eight hospitals in Massachusetts, was days away from running out of money, the Boston Globe reported.

State of play: Steward plans to seek approval for the loan in bankruptcy court later this week, WBUR reported.

  • Steward didn't name the lenders, but noted they had given it funding before.
  • The loan is expected to keep the hospital system funded into the fall.

Flashback: Steward filed for Chapter 11 bankruptcy this spring with $75 million in debtor-in-possession financing from its landlord, Alabama-based Medical Properties Trust.

  • Steward said it has more than 100,000 creditors and liabilities between $1 billion and $10 billion, WBUR reported.
  • Several state officials, including Gov. Maura Healey, called on Steward to leave Massachusetts after the hospital system's financial problems surfaced.

What's next: Steward plans to sell off its hospitals and physician network at a pair of auctions, including seven Massachusetts hospitals on June 27:

  • Holy Family Hospital in Methuen and Haverhill
  • Nashoba Valley Medical Center in Ayer
  • St. Elizabeth's Medical Center in Brighton
  • Carney Hospital in Dorchester
  • Good Samaritan Medical Center in Brockton
  • Morton Hospital in Taunton
  • Saint Anne's Hospital in Fall River
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