Team Counsels Steward Health Care in Acquisition of New England Sinai Hospital

In 2012, a team of Edwards Wildman lawyers counseled Steward Health Care System LLC in the purchased of substantially all of the assets of New England Sinai Hospital. Steward plans to retain the facility’s 291 doctors and will convert New England Sinai to a for-profit hospital after review and approval by the Massachusetts Attorney General’s Office and the Department of Public Health in Stoughton, Massachusetts.  As per the terms of the asset purchase agreement, Steward Health Care System, LLC will invest at least $13 million to upgrade New England Sinai's plant, fund its $10 million pension liability, retire $11 million in short-term debt and extend a $3 million line of credit, as outlined in the Transaction Summary and Purchase Agreement. (http://www.mass.gov/ago/docs/nonprofit/nesh/exhibit-a.pdf). The New England Sinai Hospital is a 212-bed, post-acute care facility that treats patients recovering from serious illnesses or accidents. Steward already owns 10 community hospitals and doctors’ groups across Eastern Massachusetts. Edwards Wildman also represented Steward on three of its four hospital acquisitions closed in 2011.
Posted on August 31, 2012