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Steward faced the challenge of selling the facility during its operations. Chapter 11 Bankruptcy Reorganization — The prospective purchaser canceled the transaction. Although the sales schedule has been postponed many times, A weeks-long stalemate with landlords over how to distribute the proceeds was a contributing factor.
First, the medical system Possibility of closing Sharon has emerged In August. Lawyers told the U.S. Bankruptcy Court that the hospital, like many in Steward's portfolio, is so cash-strapped that if it can't find a buyer right away, the health care provider will have to close the facility. .
The Herald reported that Meadville was interested in acquiring the facility at the time, but had issued serious caveats about its willingness to finance the acquisition.
Sharon was given a lifeline in September when the state of Pennsylvania agreed to provide one. $4.5 million in hospital operating funds Meanwhile, Steward tried to solidify an agreement with the nonprofit health system.
In the end, satisfactory conditions never emerged. Mr Meadville expressed regret over the outcome in a statement on Monday.
“Significant efforts and resources have been dedicated to keeping SRMC open and serving the community,” the system said. “On behalf of MMC, I would like to thank the individuals and organizations who have gone above and beyond to support this valuable effort to maintain essential health services for the Sharon community.”
Still, filing a closure report doesn't necessarily mean a hospital will close in January.
Steward has closed, but Two facilities sold due to lack of buyers — C based in MassachusettsErney Hospital and Nashoba Valley Medical Center – Other closure notices were also withdrawn.
Steward announced in August that it would close Ohio-based Trumbull Regional Medical Center and Hillside Rehabilitation Hospital. However, the system signed a contract the following month. Transfer ownership of a facility to Hillside Insight Foundation.
A federal bankruptcy hearing is scheduled for Thursday to discuss Sharon's possible closure.
