Steward Health Care filed for Chapter 11 bankruptcy, stating it's in the best interest of patients, physicians, employees, and communities. They plan to restructure while operating hospitals under court supervision.
$75 million in debtor-in-possession financing from Medical Properties Trust will support Steward's operations, with potentially $225 million more. Steward reassures continuing patient care and employee commitment despite the bankruptcy.
Union statements express concerns over potential facility losses impacting residents. However, they see the reorganization process as an opportunity for various stakeholders to participate in restructuring.
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