Steward Health Care has again postponed the sale of Sebastian River Medical Center and seven other Florida hospitals as it continues to navigate complex bankruptcy proceedings.
The sales hearing for Sebastian River Medical Center, Coral Gables Hospital, Hialeah Hospital, North Shore Medical Center, Palmetto General Hospital, Florida Medical Center, Melbourne Regional Medical Center, and Rockledge Regional Medical Center has been pushed back from Aug. 22 to Sept. 10.
The company has faced significant challenges in its efforts to offload its assets, including the recent withdrawal of a bid from a Michigan company to purchase its eight Massachusetts hospitals.
Additionally, Steward has been granted permission to close two Massachusetts hospitals, resulting in over 1,200 job losses.
While the company claims to be making progress on potential deals for its remaining Massachusetts facilities, negotiations have been described as complex due to costly lease payments to landlords.
One such landlord, Medical Properties Trust, has blamed negative media coverage and stringent regulations for deterring potential buyers.
Steward’s financial troubles extend beyond Florida and Massachusetts.
The company has also postponed sales hearings for hospitals in other states, including Ohio, Pennsylvania, and Texas. However, there is a glimmer of hope with the announcement of a deal to sell Stewardship, the system’s physician medical group, to Nashville-based Rural Healthcare Group.
Steward was once one of the nation’s largest private hospital operators, with a network of 31 facilities across eight states.
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