Steward Well being reaches settlement to promote Massachusetts hospitals
Steward Well being Care, a U.S.-based built-in well being care system at the moment in chapter proceedings, has reached definitive agreements to divest sure of its hospitals in Massachusetts.
The sale contains Morton Hospital and Saint Anne's Hospital, which shall be acquired by the nonprofit Lifespan.
Lawrence Normal Hospital, a non-public hospital based in 1875, is buying Steward's Holy Household Hospital in Methuen and Holy Household Hospital in Haverhill.
The asset buy agreements (APAs) filed by Lifespan and Lawrence Normal Hospital for the acquisition and operation of those healthcare amenities have additionally been acknowledged by Massachusetts Governor Maura Healey.
These agreements now must obtain regulatory and chapter court docket approvals. A listening to is scheduled for September 4.
In a press assertion, Healey mentioned, “This settlement achieves our purpose of preserving and defending entry to care and jobs in Southeastern Massachusetts and the Merrimack Valley whereas eradicating Steward Well being Care from Massachusetts as soon as and for all.”
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Massachusetts has pledged to help the brand new operators for a restricted interval by advancing MassHealth funding and different pre-allocated funds.
The monetary particulars of those preparations are at the moment being finalised between the state and the consumers, Lifespan and Lawrence.
Along with these agreements, Boston Medical Middle is within the means of buying Steward's Good Samaritan Medical Middle and St Elizabeth's Medical Middle.
The most recent announcement comes shortly after Healey confirmed preliminary agreements have been in place for the transition of 4 Steward hospitals, together with Good Samaritan Medical Middle.
Moreover, the Healey-Driscoll board is contemplating taking management of Saint Elizabeth's by eminent area, to make sure a easy transition to Boston Medical Middle and maintain the hospital working.
Steward's advisors on these transactions embody Weil, Gotshal & Manges as restructuring advisor, McDermott Will & Emery as supervisor, AlixPartners as monetary advisor, and Cain Brothers, the division of KeyBanc Capital Markets, as healthcare funding banker, together with Leerink Companions.
John Castellano, Chief Restructuring Officer at Steward, mentioned, “As Steward continues its ongoing Chapter 11 course of, we’re happy to have recognized such certified acquirers for hospitals within the Commonwealth which might be essential to the well being of underserved populations.”
