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The possible sale of Palmetto General, North Shore Medical Center and other Florida hospitals has been postponed.
Steward Health Care System has again pushed back the deadline and sale hearings for all of its hospitals in Florida, including in Miami-Dade and Broward counties. The move could give the healthcare giant more time to find potential buyers while also giving investors more time to evaluate the hospital or hospitals they are interested in.
The deadline for bidding on the Florida hospitals has been extended to August 26. A court hearing to make a final decision on the sale is now scheduled for September 10, court documents show. The new schedule no longer mentions an auction.
The deadline for bidding for the hospitals in Florida ended last Monday. The auction was scheduled for Wednesday, and the judicial auction took place on August 22.
Steward Health quickly sold all of its U.S. hospitals to reduce debt after filing for Chapter 11 bankruptcy in May. The company told the Miami Herald it wanted to emerge from bankruptcy as a more stable company and focus on its Florida market, which its lawyers said was the “most profitable” in its portfolio.
In South Florida, the hospitals for sale are Palmetto General Hospital in Hialeah, Coral Gables Hospital, Hialeah Hospital, North Shore Medical Center in Miami-Dade and Florida Medical Center in Lauderdale Lakes. Other Florida hospitals on the market include Melbourne Regional Medical Center, Rockledge Regional Medical Center and Sebastian River Medical.
According to court documents, Steward Health can extend bid deadlines “for any reason and in its sole discretion” without court approval, as long as the company notifies potential bidders.
The health system has previously postponed bid deadlines and sale hearings for its hospitals and physician groups. The initial bid deadline for its Florida hospitals was originally set for late July.
The future of the company’s hospitals in Florida – and what this means for patients and employees – will now be decided in September.
2024 Miami Herald. Distributed by Tribune Content Agency, LLC.
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