DALLAS--(BUSINESS WIRE)--Steward Health Care (“Steward”), the country’s largest physician-led, minority-owned, integrated health care system, today announced that it has entered into a definitive agreement to sell Wadley Regional Medical Center in Texarkana, Texas to CHRISTUS Health, an international, not-for-profit Catholic health system. CHRISTUS Health’s bid has been designated as the stalking horse and, subject to the terms of the agreement, will be subject to higher or better qualified bids received by September 9, 2024, at which time a bankruptcy court-approved auction may occur.
“As Steward continues to move through the Chapter 11 process, we are working closely with various parties, officials and stakeholders in the Court supervised process to obtain the best results we can for our patients, employees, and the communities we serve,” said John Castellano, Steward’s Chief Restructuring Officer. “We are pleased to have found a new operator for Wadley in CHRISTUS Health, who we believe will continue our mission to provide high-quality and compassionate care to the people of Texarkana.”
The transaction is subject to customary closing conditions, including Bankruptcy Court and regulatory approvals. The transaction is expected to close in Q4 2024 should CHRISTUS Health emerge as the winning buyer at the auction.
Steward is represented by Weil, Gotshal & Manges LLP (Restructuring Counsel), McDermott Will & Emery LLP (Regulatory Counsel), Cain Brothers, a division of KeyBanc Capital Markets Inc. (Healthcare Investment Banker), Leerink Partners LLC (Healthcare Investment Banker), and AlixPartners, LLP (Financial Advisor).
About Steward Health Care
Over a decade ago, Steward Health Care System emerged as a different kind of health care company designed to usher in a new era of wellness. One that provides our patients better, more proactive care at a sustainable cost, our providers unrivaled coordination of care, and our communities greater prosperity and stability.
As the country’s largest physician-led, minority-owned, integrated health care system, our doctors can be certain that we share their interests and those of their patients. Together we are on a mission to revolutionize the way health care is delivered - creating healthier lives, thriving communities and a better world.
Based in Dallas, Steward currently operates more than 30 hospitals across Arizona, Ohio, Pennsylvania, Arkansas, Florida, Louisiana, Texas, and Massachusetts.
Additional information is available at www.steward.org