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Steward Health Care, the leading physician-owned for-profit healthcare network in the US, filed for Chapter 11 bankruptcy on Monday, May 6, 2024. This filing comes despite assurances of uninterrupted patient care.

Negotiations to quickly sell their physician group, Stewardship Health, collapsed, forcing them to pursue alternative solutions. “With the delay in the closing of the Stewardship Health transaction, Steward was forced to seek alternative methods of bridging its operations,” Steward CEO Ralph de la Torre said on Monday.

The Dallas-based company, which operates over 30 hospitals across eight states, is using bankruptcy court to restructure its debt and secure critical funding. “We are confident in our ability to keep hospitals open and continue providing quality care,” stated CEO Ralph de la Torre. To achieve this, Steward has requested a $300 million loan from its landlord, Medical Properties Trust.

With nearly 30,000 employees serving over 2 million patients annually, Steward is a major player in the US healthcare landscape. This bankruptcy filing highlights the ongoing challenges faced by the healthcare industry, but Steward appears determined to overcome them.

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