Steward Health Care Announces Successful Bids Received for Hospitals in Arkansas and Louisiana
21 Julio 2024 - 7:54AM
Business Wire
If approved by the Court, Wadley and Glenwood
Regional Medical Centers will have new owners
Today, Steward Health Care announced that, through its Court
approved sale process, it has received the highest or best offers
for Wadley Regional Medical Center at Hope and Glenwood Regional
Medical Center. Subject to Court approval, Steward has declared
that the bid from Pafford Health Systems, Inc. to purchase Wadley
Regional Medical Center at Hope in Hope, Arkansas and the bid from
AHS South LLC to purchase Glenwood Regional Medical Center in West
Monroe, Louisiana are Successful Bids.
The Successful Bids received for Wadley Regional Medical Center
at Hope and Glenwood Regional Medical Center are a product of
Steward’s continued efforts to sell its hospitals for the benefit
of its patients, their families, and its other stakeholders.
Steward commenced its voluntary chapter 11 cases on May 6, 2024 to,
among other things, facilitate the continued implementation of a
sale and marketing process for its hospitals and other assets that
began before the bankruptcy case. The Court approved bidding
procedures governing the sale and marketing process, including the
processes for Wadley Regional Medical Center at Hope and Glenwood
Regional Medical Center, and have promoted continued interest in
potential buyers acquiring Steward’s hospitals.
Steward’s priority during the chapter 11 case remains
high-quality patient care at all of its facilities. Steward
hospitals, medical centers and physician’s offices remain open,
fully staffed, and continuing to serve patients and the broader
community. Steward remains steadfast in its dedication to its
patients and employees.
“Steward has done and will continue to do everything it possibly
can to continue operating in a very difficult health care
environment,” said Mark Rich, President, Steward Health Care. “We
are working collaboratively with various parties, officials and
stakeholders in the Court supervised process to obtain the best
results we can for our patients, employees, and the communities we
serve. We are pleased to have secured new operators for Glenwood
and Wadley that we believe will allow the sales of these hospitals
to move forward so they can continue to provide high-quality and
compassionate care.”
Weil, Gotshal & Manges LLP is serving as the Company’s legal
counsel. AlixPartners, LLP is providing financial advisory services
to the Company, and John Castellano of AlixPartners is serving as
the Company’s Chief Restructuring Officer. Lazard Frères & Co.
LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc. are providing investment banking services to
the Company.
About Steward Health Care
Over a decade ago, Steward Health Care System emerged as a
different kind of health care company designed to usher in a new
era of wellness. One that provides our patients better, more
proactive care at a sustainable cost, our providers unrivaled
coordination of care, and our communities greater prosperity and
stability.
As the country’s largest physician-led, minority-owned,
integrated health care system, our doctors can be certain that we
share their interests and those of their patients. Together we are
on a mission to revolutionize the way health care is delivered -
creating healthier lives, thriving communities and a better
world.
Based in Dallas, Steward currently operates more than 30
hospitals across Arizona, Arkansas, Florida, Louisiana and
Massachusetts.
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version on businesswire.com: https://www.businesswire.com/news/home/20240720788527/en/
Josephine Martin, Josephine.Martin@steward.org