5 South Florida hospitals are up for sale after their owner files for bankruptcy
Steward Health Care said it wants to sell all 31 of its hospitals, including those in Florida, after the company filed for bankSteward’s ruptcy protections this week.
Steward, the largest physician-owned healthcare network in the United States, said in court filings it hopes to sell the hospitals by the end of the summer.
South Florida hospitals are Palmetto General Hospital, Hialeah Hospital, North Shore Medical Center in North Miami-Dade, Coral Gables Hospital, and Florida Medical Center in Lauderdale Lakes.
The company’s other Florida hospitals are Melbourne Regional Medical Center, Rockledge Regional Medical Center and Sebastian River Medical.
The healthcare system, which has more than $1 billion in debt, said it began to conduct a “comprehensive marketing process for the sale” of its hospitals in January, court records show. By April, its Florida hospitals were also on the sale list.
Steward’s attorney told the court its Florida hospitals are the “most profitable” portion of its portfolio, according to Fierce Healthcare.
Steward indicated in court records that there is already some interest from possible buyers for its hospitals in various states, including Massachusetts, Arizona and Texas.
The company also says it has launched a “market solicitation process” to “explore a sale or reorganization around such hospital operations” in Florida. It listed a bid deadline of July 26 for its Florida hospitals, with the auction expected for July 30 and the sale hearing set for Aug. 2.
The healthcare system filed for Chapter 11 bankruptcy on Monday and says its hospitals and medical centers will remain open during the bankruptcy process.