By DALE GATHRIGHT JR. | hopeprescott.com
The operator of Wadley Regional Medical Center in Hope, Steward Health Care, has announced that it has commenced an in-court restructuring process through the filing of voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.
The company is finalizing the terms of debtor-in-possession financing from Medical Properties Trust for initial funding of $75 million and up to an additional $225 million upon the satisfaction of certain conditions acceptable to Medical Properties Trust.
In court filings, Steward Health Care said it plans to sell off all its hospitals. The Dallas-based company operates 31 hospitals nationwide, including in Hope and Texarkana.
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