Medical Properties Trust (MPW) said Sunday that it is prioritizing the protection of its investments in Prospect Medical Group's California hospitals as Prospect commences Chapter 11 bankruptcy restructuring.
"While Prospect's California facilities have reported volume growth and improved coverage trends in 2024, its overall liquidity has been adversely impacted by stalled sales processes across various East Coast markets" where Medical Properties Trust has no stake, the company said.
Medical Properties Trust also said it expects to support efforts by Prospect to complete a successful sale of its Connecticut facilities as part of the restructuring.
"Prospect has not paid any rent to MPT since June 2024," said the company.
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