The financing strategy will allow MPT to increase its leverage, primarily to repay debt maturing in the coming year. The debt is backed by subsidiaries that own 167 properties, operated by 19 different tenants across the U.S., U.K., and Germany.
Taking months to finalize, the sweeping deal between Steward, its creditors and landlord Medical Properties Trust at times appeared impossible to finalize. All parties have been working around the clock to determine how to appropriately allocate proceeds from the sales and how to keep hospitals open.
Steward just filed a lawsuit against Medical Properties Trust in Houston bankruptcy court, claiming the landlord directly spoke with bidders without notifying the hospital operator in a manner that violated a bankruptcy judge’s order.
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