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Steward has confronted challenges promoting services throughout its Chapter 11 chapter restructuring — would-be consumers have backed out of offers and its gross sales timeline was delayed a number of occasions, fueled partially by weeks-long stalemates with its landlord over methods to divvy up proceeds from gross sales.
The well being system first floated the opportunity of closing Sharon in August. Attorneys advised a U.S. federal chapter court docket the well being system must shut the power if it couldn’t discover a purchaser imminently as a result of the hospital — like many in Steward’s portfolio — was brief on funds.
On the time, Meadville was involved in taking on the power — although it positioned severe caveats on its willingness to fund the deal, in response to a report from the Herald.
Sharon was granted a lifeline in September when Pennsylvania agreed to supply $4.5 million to fund the hospital’s operations between September and November whereas Steward sought to solidify a cope with the nonprofit well being system.
Finally, passable phrases by no means emerged. Meadville expressed remorse concerning the end result in a press release on Monday.
“An amazing quantity of effort and sources had been devoted to conserving SRMC open and serving the neighborhood,” the system mentioned. “On behalf of MMC, we wish to acknowledge these people and organizations who went above and past to help this worthy effort to protect important healthcare providers for the Sharon neighborhood.”
Nonetheless, submitting a closure discover doesn’t essentially imply the hospital will shut in January.
Though Steward has closed two services after failing to discover a purchaser — Massachusetts-based Carney Hospital and Nashoba Valley Medical Middle — it has additionally walked again different closure notices.
In August, Steward mentioned it could shut Ohio-based Trumbull Regional Medical Middle and Hillside Rehabilitation Hospital. Nevertheless, the system inked a deal the subsequent month to switch possession of the services to Perception Basis of Hillside.
A federal chapter listening to is scheduled for Thursday to debate Sharon’s doable closure.
