Sifte Radio

Tag: bankruptcy

  • Steward Health Care Files for Bankruptcy Amid Financial Struggles

    Steward Health Care Files for Bankruptcy

     

    Steward Health Care, one of the largest hospital operators in the United States, has recently made the decision to file for bankruptcy. This news has sent shockwaves throughout the healthcare industry, as Steward Health Care operates 35 hospitals and employs over 42,000 people across ten states.

    The decision to file for bankruptcy was not an easy one for Steward Health Care. The company has been struggling financially for several years, with mounting debts and declining revenues. In fact, Steward Health Care’s net losses have exceeded $1 billion in each of the past three years.

    So, what led to this unfortunate outcome for such a well-established and reputable healthcare provider? There are a few key factors that contributed to Steward Health Care’s financial struggles and ultimately, their decision to file.

     

    Source: CBS News

  • Church Ordered to Pay $104 Million to Historical Abuse Survivors in Newfoundland

    ST. JOHN’S, N.L. – The Roman Catholic Church has been mandated to pay a total of $104 million in settlements to 292 survivors of historical abuse in Newfoundland and Labrador, including victims from the notorious Mount Cashel orphanage in St. John’s.

    A report by the insolvency monitor, released today, details that individual compensation from the archdiocese of St. John’s ranges between $55,000 and $850,000. Ernst and Young, the firm behind the report, indicated that the average payout is approximately $356,000.

    Geoff Budden, a lawyer whose firm represents over 200 survivors of abuse at Mount Cashel orphanage, operated by the Christian Brothers from the 1940s to the early 1960s, stated that the order is a significant step forward. However, he emphasized that the long struggle for justice is not yet concluded.

    Budden noted that the archdiocese has so far managed to gather only around $40 million for the settlements. This amount has been raised through the sale of properties in eastern Newfoundland, including the well-known Basilica-Cathedral of St. John the Baptist in St. John’s.

    He plans to argue that additional funds can be sourced from the archdiocese’s insurance policies and potentially from co-defendants involved in the numerous clergy abuse cases, which have driven the church to its current state of financial distress.

    Source: The Canadian Press