Steward outlines process to sell, auction hospitals

Attorneys for Steward Health Care want a federal judge to bless the company's proposed process for selling or auctioning its 31 hospitals, including eight in Massachusetts, over the next seven weeks.

Steward began marketing some of its hospitals in January, relying on the investment bank Cain Brothers to execute a strategy with the goal of"continuing critical operations at the Debtors’ core Hospitals while maximizing value by selling certain non-core Hospitals, including the Debtors’ Hospitals in Arizona, Arkansas, Louisiana, Ohio, Pennsylvania, and Southern Massachusetts." Leerink Partners was tapped in February to market Steward's"Northern Massachusetts" hospitals.

In Wednesday night's filing, Steward confirmed that"substantially all" of its hospital operations are subject to master leases with MPT that"are not severable as to any particular property absent the consent of the applicable MPT Lessor." The company said it"intendto solicit Bids for the Debtors’ operations separately from real estate" and that bidders could"indicate the proposed treatment of such real property in their bid.

"The question that is outstanding for many of us is just that ... knowledge that $300 million is a set dollar amount, and hospitals can be expensive to operate. And if clinical volume decreases and the hospital's clinical revenue will decrease, and therefore the $300 million will go faster.

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