Steward Health Care, the embattled Dallas-based chain of hospitals, has done what everyone predicted — they have filed for bankruptcy.

In a statement Steward said it has “commenced an in-court restructuring process through the filing of voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.”

That move in being “finalized” for both a “debtor-in-possession financing from Medical Properties Trust for initial funding of $75 million and up to an additional $225 million upon the satisfaction of certain conditions acceptable to Medical Properties Trust,” the company said in a statement.

“Steward took this voluntary step today as a necessary measure to allow the Company to continue to provide necessary care to its patients in their communities without disruption. Steward does not expect any interruptions in its day-to-day operations, which will continue in the ordinary course throughout the Chapter 11 process,” they added.

“Steward’s hospitals, medical centers and physician’s offices are open and continuing to serve patients and the broader community and our commitment to our employees will not change,” the statement ends.

This is a developing story …