India, May 6 -- Medical Properties Trust, Inc.'s shares were losing around 10 percent in the initial trading on the NYSE after its tenant Steward Health Care System, the largest physician-led hospital operator in the United States, announced its filing for bankruptcy protection.
In a filing under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas, Steward has cited higher costs, including labor, material, and operation, insufficient reimbursement by Government payors, continued impact of Covid-19, and others as the major reasons for the move.
As part of the filing, the company is finalizing the terms of debtor-in-possession financing from Medical Properties Trust for initial funding of $75 million and up to an addi...