Steward Health Care files for Chapter 11 bankruptcy
Source: CBS News/Boston
Updated on: May 6, 2024 / 12:27 PM EDT
BOSTON – Steward Health Care, the struggling health care provider that relied on backing from private equity investors to quickly acquire dozens of community hospitals, including facilities in Massachusetts, Texas and Florida, announced Monday that it is filing for bankruptcy.
Steward, which is millions of dollars in debt, said it has "commenced an in-court restructuring process through the filing of voluntary petitions for relief" under Chapter 11 of the U.S. Bankruptcy Code. It submitted the filing in the Southern District of Texas.
The Dallas-based company currently owns 30 hospitals across eight states, including nine in Massachusetts, where its smoldering financial crisis has raised concerns about patient safety.
Steward has been one focus of a year-and-a-half-long CBS News investigation revealing how private equity investors have siphoned hundreds of millions of dollars from community hospitals with devastating public health consequences. Records reviewed by CBS News showed Steward hospitals around the country with a trail of unpaid bills, at times risking a shortage of potentially lifesaving supplies.
Read more: https://www.cbsnews.com/news/steward-health-care-bankruptcy/
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just like that asshole who owns Rennova Health, which has been doing the same thing in Tennessee and surrounding states. Seamus Lagan is their CEO. He hides out in the Bahamas or the Caymans so the government can't catch him.
