Steward Health Care files for Chapter 11 bankruptcy

Steward Health Care, supported by private equity, declared Chapter 11 bankruptcy after acquiring numerous hospitals and accumulating significant debt. Despite owning 30 hospitals across eight states, financial mismanagement has led to unpaid bills and potential shortages of critical supplies. The bankruptcy aims to restructure over $500 million in debts while ensuring continued hospital operations with no immediate impact on patient care. Concerns persist in Massachusetts about the future of local health facilities and the broader implications of private equity in healthcare.