Steward Health Care, which has been facing financial issues and reports of potential closing of some of their Boston area hospitals, said Friday they’d secured financing to stabilize the company and continue operation.
“Despite troubling news reports about our Massachusetts hospitals, I want to inform you that Steward has agreed upon the principal terms for a significant financial transaction to help stabilize our company,” Steward Executive Vice President Michael Callum said in a statement Friday. “This bridge financing and the terms of this transaction have been agreed upon and the first tranche of funding is imminent. This funding will help stabilize operations, including the resumption of virtually all elective cases, and more importantly allows us to continue operations at all of our Massachusetts hospitals.”
In the statement, Steward said they have no current plans to close any of their hospitals in Massachusetts but that the new financing will supply them with additional time “to consdier transferring one or more of our hospitals to other operators.”
Last week, U.S. Rep. Stephen Lynch (D-South Boston) said Steward, at that point, was looking to sell Norwood Hospital, which has been closed since a flood in June 2020, and to close Nashoba Valley Medical Center in Ayer, St. Elizabeth’s Medical Center in Brighton, and Holy Family Hospital in Methuen.
“We are confident that [the] transactions will provide us with the necessary funds to get us through this challenging time,” Callum said. “In the meantime, we remain dedicated to serving the Commonwealth and the patients in our communities.”
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