Dragon Claws Steward Health Care System, Medical Properties Trust's ( NYSE: MPW ) the largest tenant by total assets, won bankruptcy court approval to tap a new $225M Chapter 11 financing that the hospital operator said is crucial to remain operating as it continues a sale process, according to a media report. Judge Christopher Lopez said on Thursday that he'll allow Steward Health to draw on the financing provided by a group of lenders including Brigade Capital Management, owl Creek Investments, and an affiliate of WhiteHawk Capital Partners, Bloomberg News reported. Steward said it needed new financing because Medical Properties Trust ( MPW ) declined to advance it more than an initial $75M debtor-in-possession loan it approved in May when Steward filed for Chapter 11.
More on Medical Properties Trust Medical Properties Trust: Steward Bankruptcy Exposes Shorts To Squeeze, 11.2% Dividend Yield Medical Properties Trust: Renewed Risks To The Dividend Medical Properties closes ~$800M secured financing transaction Medical Properties Trust gains on report it's near deal to refinance UK hospitals.
