Steward Health Care Secures Commitment for Additional $225 Million in Long-Term Financing to Support Its Restructuring [Yahoo! Finance]
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KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Yahoo! Finance
the largest physician-led hospital operator in the United States, announced that it has secured additional financing commitments totaling $225 million from a group of Steward's secured FILO lenders, and will seek court approval of such financing later this week in the U.S. Bankruptcy Court for the Southern District of Texas. "Since entering the Chapter 11 process, everything we have done has been to ensure that our hospitals, medical centers and physician's offices stay open, we continue to serve our patients, and maintain our commitment to employees," said Dr. Ralph de la Torre, Chief Executive Officer of Steward. "Our team, its advisors, and its independent Transformation Committee, oversaw an arduous and competitive process to review several attractive financing proposals. Securing this additional financing from a group of our secured lenders not only speaks to our asset value but more importantly provides Steward with a long runway to continue to stabilize our operations to the
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