About Steward Health

Steward Health Care System LLC is a physician-led, private, for-profit healthcare network. At the time of its filing, it was the largest private, for-profit hospital operator in the United States. In May 2024, Steward filed for Chapter 11 bankruptcy, impacting its landlord, Medical Properties Trust (MPT).

9fin and the Steward Saga

• 4 months ahead of the curve: 9fin broke the news of Steward's bankruptcy, giving our users crucial insights months before the filing.
• 50 comprehensive articles tracked the situation and its fallout, linking Steward Health and its landlord, Medical Properties Trust and offering clients a strategic advantage.

A forward look into Steward’s chaotic collapse

From a colony of bats plaguing one of its hospitals in Florida, to allegations of money laundering in Malta, Steward Health’s descent into bankruptcy was anything but ordinary.

But while the world was catching up, 9fin subscribers had exclusive insights into the unfolding drama — months before the filing.

• January 22, 2024 | 9fin revealed Steward had engaged Lazard as a financial advisor.
• February 16, 2024 | 9fin broke the news that Steward was preparing to file for bankruptcy four months before it happened.
• March 4, 2024 | 9fin unpacked the complexities of Steward's six-point plan.
• March 27, 2024 | 9fin gained exclusive access to a recording from Steward’s executive briefing, revealing the non-binding status of a deal.
• May 6, 2024 | Steward Health Care officially filed for Chapter 11 in Texas.

Market-moving coverage

9fin published its scoop revealing that Steward was planning on filing for bankruptcy on February 16, 2024. Our coverage caused an intra day stock price movement for MPT of 8%.

Serving up scoop after scoop — ensuring our clients were well ahead of the curve

As the Steward story got wilder, the 9fin team didn’t miss a beat. They published 50 news and analysis articles in the 11 months between January and November, most of which were exclusives — ensuring our clients were always well ahead of the drama.

Connecting the dots across public and private

The 9fin team delivered more than just breaking news; we connected the dots between privately owned Steward Health and publicly owned Medical Properties Trust (MPT) to give clients a complete, real-time view of the bankruptcy and its ripple effects.

25th September 2024 — MPT history and asset acquisition strategy explored – Analysis

6th November 2024 — MPT might struggle to pivot from unsecured bond financing — Analysis

20th December 2024 — Steward’s path forward remains hopeful but requires additional DIP financing (9fin)

Leading technology and analysis, all in one place

Alongside our real-time news and in-depth analysis, 9fin subscribers have access to powerful tools like Docket Rocket, with key bankruptcy filings, precedent searches, and market-moving alerts, all in one platform.

With Docket Rocket, complex information becomes easily searchable and discoverable, ensuring clients stay ahead in fast-moving situations.

Learn more about Docket Rocket here [link].

The impact

Our insights helped bondholders stay comprehensively informed, even with multiple exogenous factors impacting the bonds, by reporting on the damage control MPT did by controlling the Steward bankruptcy, and then how much value would remain assuming massive discounts to all of their Steward and Prospect properties.

9fin’s unique blend of news, analysis, and advanced tech kept clients ahead, offering a clearer view of both public and private company implications in real-time.

To access our market-leading coverage and much more, request a free trial of the platform to see how 9fin can help you stay informed and win more business.