Summary of First Day of Bankruptcy Hearing – May 7th
The first day of Bankruptcy hearings for Steward Health care occurred today May 7th. The hearing was held remotely with Judge Christopher Lopez, Bankruptcy Court, Eastern District of Texas. The MNA and the Nurses IBT 813 Pension fund were represented at the hearing by Counsel as well as the State of Massachusetts. Numerous other firms representing various interested parties were present with at one point over 500 attendees listening to the hearing. The highlights of importance were.
- Financing for continued hospital operations secured
- All employees wages and benefits (status quo) secured
- All Steward hospitals are being marketed for sale – the sales are phased in with Texas and Arizona first, Massachusetts, Pennsylvania and Ohio in the second phase and Florida in the Final phase. These efforts would be occurring now through July.
A second and third day of Bankruptcy hearings for final motions is scheduled for May 24th and June 3rd.
The overwhelming common theme was to assure that hospital operations continue uninterrupted and that the goal is that all of the hospitals are transitioned to new ownership and continue their operations.
