Medical Properties
Upgrading Medical Properties Trust On Possible Bullish Catalyst
Sep. 06, 2024 1:39 PM ET
„all of MPT’s claims against the Debtors’ estates (up to approximately $7.5 billion in the aggregate, consisting of approximately $83.4 million in MPT DIP Claims, $448.1 million in MPT Prepetition Secured Claims, $403.4 million in MPT HoldCo Claims, and $6.6 billion in future lease obligations), will be waived;
-> Etwas überrascht war ich von dem doch deutlich höheren Preis des Deals, da MPW sich verpflichtet auf ALLE Ansprüche zu verzichten (inkl. DIP Forderungen und allen besicherten Forderungen).
-> Da MPW aber freiwillig den Deal macht, denke ich das die komplette Übernahme der Krankenhäuser einen höheren Wert hat.
-> unverändert steht ja die Aussage von MPW im Raum, dass neue Betreiber schon warte
-> abwarten…denke nach der Anhörung sollte es dann heute am frühen Abend eine Presseerklärung geben.
Die 6,6 Mrd, als zukünftige Mieteinnahmen, sind ja eigentlich kein Verlust. Die werden nach dem Deal durch den Betrib eingespielt.
Alles in allem eine optimale Ausgangsposition.
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-> Wo hast du denn das gefunden?
Meines Erachtens bekommt MPW mit diesem neuen Agreement alle Krankenhäuser (also Betrieb + Inventar) übertragen (also alles, was noch unter Masterlease I verbleibt (d.h. ohne die 3 Florida Krankenhäuser "Space Coast hospitals", die an Orlando Health gehen und ohne die 8 Massachusetts Krankenhäuser unter ML II)
-> Dafür verzichtet MPW auf die DIP Forderung, auf die gesicherten vor Insolvenzforderungen und m.E. den Grundstücksanteil an der Space Coast (zusammen wohl ca. 900 Mio $ ohne die Mrd. Leasing-Restforderungen) und TRÄGT ab sofort die operativen Verluste von den über 20 Krankenhäusern...
--> Von daher gehe ich davon aus, dass die ca. 20 Steward KH unter ML I damit mit allem drum und dran am MPW übergehen und MPW bei Weiterverkauf nicht nochmal was an die Insolvenzmasse abgeben muss (sonst würde es ja auch wieder Scherereien geben, wieviel an Steward geht und wie hoch der Wert des Inventars ist etc...Diese Streitigkeiten sollten ja nun mit dem Deal beendet sein...)
Grüße
Ich meine es in einem Bericht gelesen zu haben.
Schaue später noch mal nach.
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-> MPW bekommt die Steward Krankenhäuser und beginnt nun mit der Einrichtung von Übergangs-Krankenhausbetrieben (bis neue Betreiber anfangen.
Boom, da ist das Ding!
Da aber noch ein einige Details abgestimmt werden müssen, wurde nochmal eine finale Anhörung für den 17. September angesetzt. Darin soll dann die endgültige Version des global settlement abgesegnet werden.
https://www.steward.org/newsroom/2024-08-30/...h-settlement-agreement
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--Under the deal, Steward and its unsecured creditors committee agreed to drop potential claims against MPT in exchange for the real estate investment trust waiving substantial lease obligations, lawyers said during a court hearing. Transitioning the hospitals to new operators will save Steward from incurring additional operating expenses and averts potentially costly litigation, company lawyer Ray Schrock said
--Under the agreement, managers will be appointed and dispatched or assigned to hospitals to run operations until the facilities are sold.
--The agreement is agreed upon in theory by Steward’s creditors and MPT with the stipulation that MPT reserves the right to determine and approve “viable” buyers.
--A final hearing on the settlement is set for Sept. 18. An executed order is expected as soon as possible after that hearing.
. Steward to Hand Off Hospital Operations Under Pact With MPT (yahoo.com)
According to the agreement, Medical Properties Trust (MPW), the biggest hospital landlord in the U.S., will take over Steward's hospitals subject to its master lease and fund all related operational expenses.
Following the sale of these hospitals, the parties have agreed to make payments to lenders and creditors with proceeds from the transactions.
Medical Properties Trust to settle lease claims with bankrupt Steward Health Care (msn.com)
--The agreement creates a security blanket partially funded by the $395 million sale of Space Coast Hospital in Florida and a $10 million escrow account that will be held by Medical Properties Trust (MPT -Steward’s land leasor) for payroll and operating costs.
--Union representatives from Trumbull and Hillside voiced concerns that the agreement is not clear on a successor clause for their bargaining agreements and asked that a line clarifying that be added to make sure that any new owner or management team would honor those bargaining agreements.
--Equipment and housekeeping vendors voiced concerns about the agreement saying it was vague in how they would be notified or able to retrieve their property if a hospital ultimately closed because of a failed deal. They wanted more clarity on how their assets would be protected
Fab B #1077
„all of MPT’s claims against the Debtors’ estates (up to approximately $7.5 billion in the aggregate, consisting of approximately $83.4 million in MPT DIP Claims, $448.1 million in MPT Prepetition Secured Claims, $403.4 million in MPT HoldCo Claims, and $6.6 billion in future lease obligations), will be waived;
--------------------------------------------------
Jetzt wird ein Schuh daraus.
Die Krankenhäuser gehen nicht in MPT über, sondern nur der weitere Betrieb.
Stewarts eigene Krankenhäuser sind weiter Insolvenzmasse.
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-Executed New Lease Agreements with Four Quality Replacement Operators-
-Completed Safe and Orderly Transitions of Operations at 15 Hospitals-
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Sep. 11, 2024-- Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced that it reached a global settlement agreement with Steward Health Care System (“Steward”), its secured lenders (“the Lenders”) and the Unsecured Creditors Committee (“UCC”) that restores MPT’s control over its real estate, severs its relationship with Steward and facilitates the immediate transition of operations to quality replacement operators at 15 hospitals around the country.
Regarding the settlement, the Company issued the following statement:
“From our initial underwriting of these properties, MPT has strongly believed in the mission critical nature of these hospitals as well as their cash flow potential under the right management.
Throughout Steward’s lengthy restructuring process, our focus has been on supporting efforts to bring quality replacement operators into each of these facilities. That is why we consented to Steward marketing our real estate alongside operations as part of the bankruptcy sales process. And it is why we have worked around the clock for the past several weeks to facilitate a consensual resolution following Steward’s motion to reject our lease.
We have been working tirelessly to identify replacement operators and negotiate new lease terms, and we have been encouraged by the enthusiasm and eagerness of multiple operators to manage these important facilities despite declines in Steward’s operations during its restructuring process. As a result, we were able to rapidly come to terms with several new tenants. We have also collaborated closely with state regulators to put orderly transition plans in place that would avoid hospital closures, protect jobs, and ensure continuity of care for patients.
We believe this global settlement is a positive outcome for all stakeholders. By replacing Steward, we are better positioned to protect the critical function of these facilities for the benefit of their communities and the value of our real estate for the benefit of our shareholders.”
The settlement agreement involves 23 hospitals previously operated by Steward which will remain following the anticipated “Space Coast” transaction described later in this press release. MPT has already reached definitive agreements with four tenants to immediately lease and operate 15 hospitals in Arizona, Florida, Louisiana, Ohio and Texas, as summarized in the following table:
OPERATOR
REGION(S)
OPERATOR DESCRIPTION
HEALTHCARE SYSTEMS
OF AMERICA
Southeast Florida (5),
East Texas (2),
Louisiana (1)
A community-based hospital system based in Los Angeles, CA affiliated with American Hospital Systems, which currently operates four acute care hospitals
HONOR HEALTH
Arizona (3)
A non-profit, local community healthcare system serving the greater Phoenix area with a network encompassing acute-care hospitals, an extensive medical group, outpatient surgery centers, a cancer care network, clinical research, and more
QUORUM HEALTH
West Texas (2)
A leading operator of general acute care hospitals and outpatient services with a diversified portfolio in rural and mid-sized markets across the United States
INSIGHT HEALTH
Ohio (2)
A physician-led provider of community-based, patient-centric care
Effective September 11, 2024, these replacement operators will be the beneficiaries of operating revenue and have responsibility for the expenses of the hospitals each will manage for Steward on an interim basis until purchase agreements can be finalized with Steward with respect to the operations.
Based on the new lease agreements already in place, MPT expects to receive aggregate annualized cash rental payments of approximately $160 million on this portfolio’s approximate $2.0 billion lease base upon stabilization in the fourth quarter of 2026, including the impact of each lease’s contractual minimum annual escalator. This represents approximately 95% of the cash rent Steward would have contractually owed for the same assets in the fourth quarter of 2026, based on minimum rent escalators. The weighted average initial term of the leases is approximately 18 years.
To expedite the re-tenanting process and minimize any disruption to patient care as new operators are ramping up, cash rent payments will not be due for the remainder of 2024 for all 15 properties. Cash rent payments are generally expected to commence in the first quarter of 2025, reach approximately 50% of aggregate fully stabilized rent by the end of 2025 and achieve full stabilization in the fourth quarter of 2026.
In addition, MPT is in active discussions regarding solutions related to its ongoing Norwood, Massachusetts and Texarkana, Texas construction projects, as well as, separately, four hospitals closed well before Steward’s bankruptcy and two that recently closed or otherwise became subject to uncertainty during the restructuring process. These six facilities have an aggregate lease base of approximately $300 million.
Under the terms of the agreement, MPT has consented to the sale of three “Space Coast” Florida hospitals to Orlando Health, with a substantial portion of the proceeds being transferred to Steward. In turn, Steward and its other stakeholders have relinquished all rights to any further allocation of value from transactions related to any other hospital remaining in the portfolio as of September 11, 2024. Further, upon completion of the transition process for the hospitals, the parties have agreed to mutually dismiss claims against each other and exchange broad general releases including for MPT’s loans and deferred rent.
The Bankruptcy Court has scheduled a hearing for Tuesday, September 17, for consideration and approval of a final order confirming the settlement. The agreement also remains subject to the completion of Steward’s sales to the replacement operators and approval by relevant state and local regulators.
https://www.medicalpropertiestrust.com/...rol-its-real-estate-steward
Die Krankenhäuser gehen nicht in MPT über, sondern nur der weitere Betrieb.
Stewarts eigene Krankenhäuser sind weiter Insolvenzmasse.“
Naja, die Krankenhäuser (Immobilien bzw. Real estate) gehörte schon immer MPT, Steward gehörte der Betrieb des Krankenhauses in der Immobilie (Einrichtung, Personal, IT, Inventar, Einbauten etc). Dieser Betrieb wird nun ab morgen an interim Betreiber übergeben, die im bestehenden Krankenhaus sofort loslegen.
Etwas komisch sind die beiden Passagen:
These replacement operators will be the beneficiaries of operating revenue and have responsibility for the expenses of the hospitals each !!!will manage for Steward on an interim basis !!! until purchase agreements can be finalized with Steward !!!with respect to the operations.
Steward and its other stakeholders !!! have relinquished all rights to any further allocation of value from transactions !!! related to any other hospital remaining in the portfolio.
-> purchase agreements with Steward VS. Steward has relinquished all rights to any further allocation of value from transactions..
Und es war immer mal wieder zu lesen, dass die Suche nach neuen Betreibern schwierig sei, weil die Miete zu hoch sei. Da wusste man zwar nie genau, inwieweit solche Äußerungen, gewissen Interessen geschuldet waren, aber die Sorge war schon da, dass man entweder keine neuen Klinikbetreiber findet oder nur solche, die zu stark reduzierten Mieten bereit sind, Verträge zu unterschreiben.
Jetzt beginnen also mit dem ersten Quartal 2025 die Mietzahlungen, die im vierten Quartal 2026 dann 95% des Niveaus der Verträge mit Steward entsprechen werden.
++++++
Derweil findet heute eine Anhörung im US-Senat vor dem Ausschuss für Gesundheit, Bildung, Arbeit & Renten statt zu Steward Health.
Ich hoffe, die kriegen Ralph de la Torre am Ende dran für das, was er da bei Steward getrieben hat. Eigentlich gehört der in den Knast.
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Wer diese sehr riskante Aktie nahe am Tief gekauft hat, darf sich dann über eine tolle Dividendenrendite freuen.
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nehmen wir als beispiel massachusetts, steward betreibt dort 7 spitäler welche mpw besitzt. man stelle sich vor, mpw hätte steward rausgeworfen - massachusetts wäre über nacht ohne spitäler dagestanden. also ich bin der meinung, die politiker in massachusetts sollten den verantwortlichen managern bei mpw einen orden verleihen für ihr verantwortungsvolles arbeiten statt ständig schmutz nach ihnen zu werfen.
ist aber nur meine persönlich meinung.
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-> Ich hoffe, du bist dann heute ein wenig auf deine Kosten gekommen.. :-D Ich hatte euch hier im Forum die News gestern direkt aus dem Gerichtssaal gepostet, da waren die News noch heiß und fettig und daher noch nicht wirklich in der Welt. Richtig rumgesprochen hat sich der Deal erst gestern nachbörslich und heute. Die Reaktion sehen wir ja nun alle.
Hab übrigens gestern direkt noch vor Börsenschluss nochmal richtig satt aufgestockt, aber davon geb ich erstmal keine Aktien mehr her… :-p
Die bei Steward haben das Geld, was MPW denen damals für den Kauf der Krankenhäuser, bezahlt hat ordentlich verbraten.
Wie dem auch sei.... Nun wissen wir, was Steward für ein Saftladen war (wenn wir das nicht eh schon wussten) und können froh sein,
dass MPW mit dem Saftladen bald nichts mehr zu tun hat (außer die letzte Abwicklung der Beziehung in den kommenden Monaten).
weil die marode steward nicht börsennotiert haben sie den vermieter mpw geshortet.
aber mpw ist solide.
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Medical Properties Trust: Catalysts In Motion
Sep. 13, 2024 11:00 AM ET
6 Nutzer wurden vom Verfasser von der Diskussion ausgeschlossen: banditolino, Drattle, Frei3ier11, Multiculti, oli59, TheseusX