Steward Delays Hospitals Sale Hearing – Again
YOUNGSTOWN, Ohio – Steward Health Care System has again delayed a sale hearing on bids for its three local hospitals. The hearing was to take place Tuesday.
Steward is attempting to sell Trumbull Regional Medical Center in Warren, Hillside Rehabilitation Hospital in Howland and Sharon Regional Medical Center in Sharon, Pa. The local hospitals are among the 31 Steward operated May 6 when it filed Chapter 11 bankruptcy. It has since closed two hospitals in Massachusetts and is poised to complete the sale of six other hospitals in that state.
Attorneys representing the Buhl Trust, which operated the Sharon hospital from 1892 to 2013, and the Pennsylvania attorney general have intervened in the bankruptcy case to resolve issues surrounding the ownership of 54 real estate parcels controlled by Medical Partners Trust, which owns and leases all of Steward’s real property in eight states.
In Trumbull County, a group of business leaders and health care professionals has formed Warren City Hospital, which is attempting to secure financing to buy and operate Trumbull Regional Medical Center.
It’s not known how many entities have submitted bids for the three local hospitals. As of July 20, there were no “qualified” bids, Steward told U.S. Bankruptcy Court in Houston.
Subsequent court statements disclosed the existence of “late bids” and ongoing efforts to evaluate them.
The original deadline to sell the local hospitals was June 24.
Copyright 2024 The Business Journal, Youngstown, Ohio.
