(Bloomberg) — Steward Health Care System LLC filed for bankruptcy early Monday as it’s finalizing a rescue loan with landlord Medical Properties Trust Inc.
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The Massachusetts-based firm sought Chapter 11 protection in the Southern District Court of Texas and listed assets and liabilities of $1 billion to $10 billion. The bankruptcy petition allows Steward Health to keep operating while it seeks approval for a restructuring plan.
The company, which operates 33 community hospitals in nine US states with more than 30,000 employees, has been struggling with its liquidity in recent months.
As part of the restructuring deal, Medical Properties — a US real estate trust focused on health care facilities — is set to provide initial debtor-in-possession funding of $75 million debt and an additional loan of as much as $225 million if certain conditions are met, it…
