6 jaw-dropping revelations from Steward Health Care's bankruptcy filing

Chris Helms, The Enterprise

BROCKTON — When a company like Steward Health Care seeks bankruptcy protection, as the operator of Brockton's Good Samaritan Medical Center did on Monday, it generates a firehose of legal filings. Those documents open previously closed windows into the company's operations.

Here are a few jaw-dropping takeaways from the main bankruptcy filing. Steward Health Care has a complex structure, but Steward Health Care Holdings LLC is at the top.

Steward owns eight other hospitals in Massachusetts, including Morton in Taunton and Saint Anne's in Fall River.

Dawn Hebert-Miller, a registered Nurse at Good Samaritan Medical Center in Brockton, and her son Devon Hebert-Miller, 10, attend a community rally at Keating Hall on Wednesday, April 24, 2024, to keep Good Sam open amid the financial crisis enveloping its owner, Steward Health Care.
Dawn Hebert-Miller, a registered Nurse at Good Samaritan Medical Center in Brockton, and her son Devon Hebert-Miller, 10, attend a community rally at Keating Hall on Wednesday, April 24, 2024, to keep Good Sam open amid the financial crisis enveloping its owner, Steward Health Care.

  • Steward owes money to more than 100,000 creditors.

  • The largest single unsecured claim in the filing is $71 million owed to Change Healthcare, a healthcare technology company itself owned by Optum. That's the healthcare giant Steward has been trying to sell its physicians' practice to.

  • The company's unsecured debts include $28 million to the Internal Revenue Service. This includes debt connected to the CARES Act, in which the federal government gave out $2 trillion in COVID relief.

  • Medical device providers figure prominently in the list of largest unsecured creditors, including $50 million owed to Philips North America.

  • Among local companies who are now in line asking to be repaid is Boston Scientific in Marlborough (owed $5.4 million) and Lexington's ProMedical (which has a claim for $5.2 million.)

  • Steward indicated its debts range between $1 billion and $10 billion. The company checked a box saying its assets are in that same wide range.

'Bring one of your yachts to town' Brockton rally to save Good Sam slams Steward exec

Read the bankruptcy filing

Embedded below is the 28-page bankruptcy filing for Steward Health Care Holdings LLC.

Send your news tips to reporter Chris Helms by email at CHelms@enterprisenews.com or connect on X at @HelmsNews.

This article originally appeared on The Enterprise: Bankruptcy filing by hospital owner Steward Health Care: jaw-droppers

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