Steward Health Care (Steward) announced that it has entered into a definitive agreement to sell Wadley Regional Medical Center in Texarkana, Texas to CHRISTUS Health. CHRISTUS Health’s bid has been designated as the stalking horse and, subject to the terms of the agreement, will be subject to higher or better qualified bids received by September 9, 2024, at which time a bankruptcy court-approved auction may occur.
“We are pleased to have found a new operator for Wadley in CHRISTUS Health, who we believe will continue our mission to provide high-quality and compassionate care to the people of Texarkana,” says John Castellano, chief restructuring officer at Steward.
The transaction is subject to customary closing conditions, including Bankruptcy Court and regulatory approvals. The transaction is expected to close in Q4 2024 should CHRISTUS Health emerge as the winning buyer at the auction.
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