Steward cancels auction of three Valley hospitals citing no qualified bidders
The future of three Valley hospitals operated by Steward Health Care remains cloudy after their auctions were called off.
In a notice filed in bankruptcy court on Sunday, Steward revealed that it has not received qualified bids for Trumbull Regional Medical Center in Warren, Hillside Rehabilitation Hospital in Howland, and Sharon Regional Medical Center in Mercer County.
As a result, plans to hold an auction for the hospitals have also been canceled.
The notice says Steward is working with consultants to evaluate alternative ways of dealing with the three hospitals, and no decision about their future has been made.
“They could of course lower certain prices with their hospitals, they could re-negotiate with some of these potential buyers, adjust their existing plan for bankruptcy,” Madeline Ashley, a news writer for Becker’s Health Review said. “We could even start looking toward liquidating assets.”
Steward hasn’t said what direction they will go in so that leaves all possibilities for these hospitals on the table.
“It's not an end all be all right now for them,” Ashley said. “It doesn't mean that things are completely wrapped. There's still ongoing discussions.”
An announcement will be made later, according to the notice.
While the hospital’s future is up in the air the U.S. Senate HELP Committee is investigating what led to Steward's bankruptcy. They previously asked Stewrd’s Chairman and CEO Dr. Ralph de la Torre to testify in June but he didn’t show. The committee will vote on July 25 on whether to subpoena him to testify. That hearing will begin in September.
Just last week the Pennsylvania Attorney General and the Christian H. Buhl Legacy Trust, filed a joint objection against the bankruptcy sale of Sharon Regional Medical Center.