Might 7, 2024 – Dallas-based Steward Healthcare has filed for Chapter 11 chapter, as introduced in a Might 6 press launch. In accordance with Steward Well being, the corporate “took this voluntary step on Might 6 as a vital measure to permit the corporate to proceed offering vital care to its sufferers of their communities with out disruption. Steward doesn’t anticipate any disruptions to day by day operations, which can proceed as regular all through the Chapter 11 course of.”

In current months, the corporate has secured bridge financing and moved ahead with the sale of the Stewardship Well being enterprise to assist stabilize the enterprise. The delay in finishing the Stewardship Well being transaction compelled the corporate to hunt various strategies to bridge its enterprise.

The opposite main issue driving the voluntary Chapter 11 case is because of the truth that the corporate continues to face challenges posed by insufficient authorities reimbursement as a result of declining reimbursement charges, whereas on the similar time going through skyrocketing labor prices, larger materials and operational prices as a result of inflation and the continuing impression of the COVID-19 pandemic.

Steward's hospitals, medical facilities and doctor practices are open and persevering with to serve sufferers and the broader neighborhood, and our dedication to our staff is not going to change.

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