Optum Backs Out of Deal to Buy Steward’s Physician Group

Optum will not bid on Steward Health Care’s physician group, Stewardship Health, during the bankrupt health system’s upcoming auction, a Massachusetts state official has confirmed. The news is a major setback for Steward, which has repeatedly identified selling Stewardship as critical for its financial stabilization. Steward took out $150 million in loans to fund the transaction in February. Its attorneys have claimed during federal bankruptcy proceedings that the sale proceeds would be enough to cover debts to certain lenders and, as recently as June 13, the Dallas-based system tied $75 million of new debtor-in-possession financing — which funds operations during restructuring — to the successful completion of a Stewardship sale.

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Source: https://www.healthcaredive.com/news/optum-backs-out-steward-doctor-deal/720170

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