The owner of Holy Family Hospitals in Haverhill and Methuen says it has agreed to terms of bridge financing that will “help stabilize our company” and is working to bring in “a significant equity partner” to “continue operations” at all of its Massachusetts hospitals.
The arrangements were discussed today in a memorandum from Steward Health Care System Executive Vice President Michael Callum, confirming information by Haverhill City Council President Thomas J. Sullivan that WHAV reported first Wednesday. Callum told Steward employees a sale of hospitals remains a possibility.
“The bridge financing will get the company to the closing of the (mergers and acquisition) process and will provide the necessary capital for a robust national physician group and the time needed for Steward to consider transferring one or more of our hospitals to other operators,” he wrote.
Callum pledged to work with state leaders during what he described as a “difficult period.”