Bankruptcy Partner Schuyler Carroll was quoted in GBH on the future of Steward Health Care in connection with their attempt to sell their hospitals after they filed for bankruptcy earlier in the year.
Seven of Steward's hospitals are up for sale in an effort to prevent them from closing, according to the article. Carroll explained the nature of the bidding and how it could include different groupings of hospitals, adding that if there are no bids—or just one bid—it could be weeks before that’s disclosed publicly. “In fact, in some situations like this, you can have an auction where you’re comparing apples and oranges,” Carroll said. “You can have one bidder who bids on just one hospital, a second bidder who bids on three hospitals, and a third bidder who bids on all of them. And you have to see what your best bid is in that scenario.”
Bidders will gain the business and operations of the hospital chain, he continued, and will be able to negotiate terms of the hospital leases with the current landlord, a company that has previously handled many health care bankruptcies.
Read the full GBH article here.