Morsa Images/DigitalVision via Getty Images Bankrupt healthcare provider Steward Health was granted permission to use $30M from the state of Massachusetts for six hospitals in the state after landlord Medical Properties Trust ( NYSE: MPW ) and Macquarie Asset Management ( OTCPK:MCQEF ) reached an agreement with their lender, Apollo Global Management ( NYSE: APO ), according to a media report. Apollo ( APO ) will take ownership of the real estate those hospitals lease under the pact with Medical Properties and Macquarie, Bloomberg News reported, citing a Steward lawyer at a bankruptcy court hearing. The deal breaks a stalemate that could have scuttled the potential sale of the hospitals and caused Massachusetts to pause the $30M lifeline to Steward, the article said.
Last week, Steward received bankruptcy court approval to close two other Massachusetts hospitals, which didn't attract "viable bids, Bloomberg reported . Steward, Medical Properties' ( MPW ) largest tenant, filed for bankruptcy proceedings in May . More on Apollo Global Management, Medical Properties Trust Medical Properties Trust: Results Incoming Apollo Stock Punished For Less Than Stellar Quarter - Nothing To Worry About Medical Properties Trust tenant Steward to get $30M from state of Massachusetts Apollo Global upgraded to Buy at BofA after dramatic selloff.
