Just three days before bankrupt Steward Health Care was set to run out of funds, the health system said it’s struck a deal to capture $225 million of additional debtor-in-possession financing to keep its operations afloat during Chapter 11 proceedings. The funds come from Steward’s FILO lenders, which include private credit lenders Sound Point Capital and Brigade Agency Services, as well as Chamberlain Commercial Funding, according to a press release shared with Healthcare Dive. Steward will present the deal — which the system says is sufficient to finance operations prior to its July asset sales — for approval in bankruptcy court later this week.
Read the full article: Steward Secures $225M Days before It Was Set to Run out of Cash //
Source: https://www.healthcaredive.com/news/steward-health-care-secures-financing-bankruptcy/718565