If approved by the Court, Wadley and Glenwood Regional Medical Centers will have new owners
Today, Steward Health Care announced that, through its Court approved sale process, it has received the highest or best offers for Wadley Regional Medical Center at Hope and Glenwood Regional Medical Center. Subject to Court approval, Steward has declared that the bid from Pafford Health Systems, Inc. to purchase Wadley Regional Medical Center at Hope in Hope, Arkansas and the bid from AHS South LLC to purchase Glenwood Regional Medical Center in West Monroe, Louisiana are Successful Bids.
The Successful Bids received for Wadley Regional Medical Center at Hope and Glenwood Regional Medical Center are a product of Steward’s continued efforts to sell its hospitals for the benefit of its patients, their families, and its other stakeholders. Steward commenced its voluntary chapter 11 cases on May 6, 2024 to, among other things, facilitate the continued implementation of a sale and marketing process for its hospitals and other assets that began before the bankruptcy case. The Court approved bidding procedures governing the sale and marketing process, including the processes for Wadley Regional Medical Center at Hope and Glenwood Regional Medical Center, and have promoted continued interest in potential buyers acquiring Steward’s hospitals.
Steward’s priority during the chapter 11 case remains high-quality patient care at all of its facilities. Steward hospitals, medical centers and physician’s offices remain open, fully staffed, and continuing to serve patients and the broader community. Steward remains steadfast in its dedication to its patients and employees.
“Steward has done and will continue to do everything it possibly can to continue operating in a very difficult health care environment,” said Mark Rich, President, Steward Health Care. “We are working collaboratively with various parties, officials and stakeholders in the Court supervised process to obtain the best results we can for our patients, employees, and the communities we serve. We are pleased to have secured new operators for Glenwood and Wadley that we believe will allow the sales of these hospitals to move forward so they can continue to provide high-quality and compassionate care.”
Weil, Gotshal & Manges LLP is serving as the Company’s legal counsel. AlixPartners, LLP is providing financial advisory services to the Company, and John Castellano of AlixPartners is serving as the Company’s Chief Restructuring Officer. Lazard Frères & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc. are providing investment banking services to the Company.
About Steward Health Care
Over a decade ago, Steward Health Care System emerged as a different kind of health care company designed to usher in a new era of wellness. One that provides our patients better, more proactive care at a sustainable cost, our providers unrivaled coordination of care, and our communities greater prosperity and stability.
As the country’s largest physician-led, minority-owned, integrated health care system, our doctors can be certain that we share their interests and those of their patients. Together we are on a mission to revolutionize the way health care is delivered - creating healthier lives, thriving communities and a better world.
Based in Dallas, Steward currently operates more than 30 hospitals across Arizona, Arkansas, Florida, Louisiana and Massachusetts.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240720788527/en/
Contacts
Josephine Martin, Josephine.Martin@steward.org
