Health

Steward Health Care secures last-minute funding to operate through bankruptcy

Jun 11, 2024 1 min read

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Steward Health Care, a Dallas-based health care system currently undergoing Chapter 11 bankruptcy proceedings, has secured a $225 million loan to continue operations through the end of June. The funding comes from a group of lenders who previously provided bridge financing for the company's bankruptcy filing. The company, which operates over 30 hospitals in eight states, is seeking approval for this financing from Judge Christopher Lopez in the U.S. Bankruptcy Court in Houston.

Steward plans to auction off its hospitals and physician network, with bids for its Massachusetts hospitals due on June 24. The final sales hearing is set for July 11. The additional funding is intended to prevent the company from running out of cash, which officials warned could happen by June 14 without the new loan. The health care system, which filed for bankruptcy in May, has liabilities between $1 billion and $10 billion and more than 100,000 creditors. Following the announcement of the new funding, Senator Elizabeth Warren introduced legislation aimed at addressing corporate practices in the health care sector.

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