CVS Health Corp. is selling $5 billion worth of bonds less than a week after shares plunged the most since 2009 on a downbeat quarterly report and cut 2024 outlook.
Bankrupt Steward Health Care has put all of its 31 hospitals up for sale, hoping to finalize transactions by the end of the summer to address its $9 billion in total liabilities.
The deal helped shape much of what followed for Steward Health Care System over the next four years, culminating this week in the Chapter 11 filing of Steward, one of the biggest hospital bankruptcies in U.S. history.
The flow of high-acuity patients to the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, and Pennsylvania Hospital opens up access to care that isn’t available at every hospital. It’s also crucial to Penn’s business model.
Since filing Chapter 11 in October, Rite Aid has said it will close more than 520 locations. The closures represent nearly a quarter of the 2,111 stores Rite Aid operated when it entered bankruptcy.
Dallas-based Steward Health Care filed for Chapter 11 bankruptcy Monday, saying it will move to restructure its debt under court supervision and keep running its hospitals across the U.S. — including eight in Massachusetts — as it does so.