Communities in the region are bracing for the closures of hospitals in Eau Claire and Chippewa Falls operated by the Hospital Sisters Health System's Sacred Heart (HSHS), and Prevea Health's 19 facilities across the Chippewa Valley.
The primary care provider said it has received a commitment for $150 million in new debtor-in-possession financing from some of its existing lenders, which is expected to provide sufficient liquidity to support its ongoing operations.
Steward Health Care says it has secured a deal to help stabilize operations and keep its Massachusetts hospitals open for now, while it pursues efforts to find a new financial backer.
Under the private ownership of Steward Health Care, St. Elizabeth's Medical Center has backed away from more than $600,000 in community giving and still owes money that it signed agreements to provide.
The hospital operator is alleged to owe its landlords and vendors more than $50 million. Simultaneously, the company is closing hospitals in Texas and Massachusetts.