Now that Steward Health Care, the owner of Saint Anne’s Hospital in Fall River, filed for Chapter 11 bankruptcy this week in Texas, what does that mean for the future of Saint Anne’s?
As part of its filing, the company said all of its 33 health facilities, 8 of which are in Massachusetts, will remain open and business will be conducted as usual through the bankruptcy process. Steward is hoping to find buyers for their facilities by the end of next month.
FRCMedia legal analyst attorney Steven Sabra says it’s important to distinguish between the different forms of bankruptcy filings and how Steward can benefit.
News reports have tried to pinpoint the amount of liability on Steward’s books. Attorney Sabra says with the bankruptcy filing, the company’s finances’ timeline and details will become transparent.
Attorney Sabra says there is little oversight on the part of state and local government when it comes to the future of Steward’s hospitals.
Because of the impact on community health care from the bankruptcy filing, Attorney Sabra says it’s in the best interest of Steward to either sell or restructure its organization as soon as possible.
Despite losses incurred by Steward, Saint Anne’s was one of the hospitals that has been performing well financially for the company.
