How a Private-Equity Payday Drained a Hospital Chain of Cash

In 2016, Steward Health Care System paid out a $790 million dividend—the lion’s share going to the hospital chain’s private-equity owner, Cerberus Capital Management. That money could have come in handy when the Covid-19 pandemic hit in 2020, a year when Steward recorded a $408 million net loss. The dividend, the amount of which hasn’t previously been reported, is among the key flashpoints at the center of accusations by elected officials, hospital employees and patients over who bears responsibility for Steward’s collapse.

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Source: https://www.wsj.com/finance/how-a-private-equity-payday-drained-a-hospital-chain-of-cash-35a5cb35?

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