Bankrupt Steward Health puts its hospitals up for sale, discloses $9 billion in debt

Bankrupt Steward Health Care plans to sell its 31 US hospitals to address its $9 billion liabilities. The company hopes to keep all hospitals open during the process. Steward has faced criticism for its financial decisions, including selling off real estate and incurring long-term rent costs. Court documents reveal the company’s total liabilities, including loans, rent obligations, unpaid bills from vendors, and unpaid employee wages and benefits. Steward had $6 billion in annual revenue before bankruptcy and aims to sell its physician group to repay loans and vendors. Emergency financing was sought due to stalled regulatory approvals. Lopez, the bankruptcy judge, allowed Steward to borrow $75 million and potentially an additional $225 million from Medical Properties Trust. Steward will hold auctions for its hospitals in June and July.