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.
Steward executives, while running the state's third-largest hospital system, repeatedly resisted allowing regulators to take a look at their financials.