Steward Health Gets $225 Million Funding to Keep Hospitals Open

Steward Health Care System LLC has lined up $225 million in emergency financing, a lifeline the bankrupt hospital operator said is needed to avoid closing and depriving care to millions of patients.

The biggest private for-profit hospital chain in the country needed the infusion as hospital landlord Medical Properties Trust Inc. declined to advance more than an initial $75 million Chapter 11 loan, Steward Chief Restructuring Officer John Castellano said in a sworn statement Tuesday. The new funding comes from a group of lenders that includes Brigade Capital Management LP and an affiliate of WhiteHawk Capital Partners LP.

The ...