Steward Health proposes timeline for selling three Valley hospitals
DALLAS - Steward Health has proposed a timetable to sell off its 31 hospitals, including three here in the Valley.
An emergency motion filed this week in bankruptcy court proposes a June 24 deadline to make bids on Trumbull Regional Medical Center in Warren, Hillside Rehabilitation Hospital in Howland, and Sharon Regional Medical Center in Mercer County, Pennsylvania.
A June 3 hearing is scheduled on the motion which calls for a June 27 auction, and a July 2 sale hearing for the three hospitals.
The motion sets bidding procedures for Steward’s assets, including those from so-called stalking horse bidders who are the first bidders that a bankrupt company negotiates a purchase agreement with for its assets.
Before filing for bankruptcy, Steward says more than 250 potential bidders were contacted, generating interest in purchasing hospitals in the Valley and elsewhere.
Under the Global Bidding Procedures, interested buyers may submit bids, including stalking horse bids for hospital assets.
The filing invites any entity interested in bidding on the three Valley hospitals to contact Steward’s investment banker, Cain Brothers.
The long-anticipated bankruptcy of a company that operates three Valley hospitals finally happened on Monday.
The Dallas-based Steward Health filed Chapter 11 bankruptcy in May claiming assets and liabilities between $1 billion and $10 billion.
