Steward Health Care System’s Valley locations have been put on hold following the delay of their auction. The original auction was scheduled for June 27 but has been postponed indefinitely, as per documents filed in the U.S. Bankruptcy Court for the Southern District of Texas where Steward Health is headquartered.
The first round of hospitals to be auctioned includes Steward Health locations in Ohio, Pennsylvania, Arkansas, and Louisiana. Among these locations are Trumbull Regional Medical Center in Warren, Hillside Rehabilitation Hospital in Howland, and Sharon Regional Medical Center. The delay in the auction was necessary to allow for ongoing evaluation of the bids received for these hospitals, following bidding procedures with consultation parties.
Steward Health filed for Chapter 11 bankruptcy on May 6 and earlier this year, First News reported on the company’s financial struggles, including problems meeting rent and loan obligations. While the auction has been postponed, a hearing scheduled for July 11 to consider approval sales remains on the calendar according to the documents.
Those who rely on Steward Health Care System locations in the Valley will have to await further updates as the evaluation of bids and bankruptcy proceedings continue. The uncertainty surrounding the future of these hospitals adds to the already challenging situation facing patients and employees in the area.