Steward Health Care on Friday announced that the company has agreed to terms of a “significant financial transaction” that will help keep its Massachusetts hospitals open and allow the company time to consider transferring some of its medical centers to other companies.
“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,” Steward Executive Vice President Dr. Michael Callum said in a memo to the company’s Massachusetts employees. “To be clear, we have no current plans to close any of our hospitals in Massachusetts.”
News of the bridge financing came amid Steward’s financial crisis, which has resulted in surgeries and procedures performed by Mass General Brigham doctors at Holy Family Hospital having been postponed days after the president of the hospital stepped down .
The hospital chain is $50 million behind on rent, according to Rep. Stephen Lynch, and looking to sell all nine remaining Massachusetts hospitals, but most urgently Holy Family, Nashoba Valley, St. Elizabeth’s and Norwood Hospital.