A group of Medical Properties Trust (MPT) creditors, represented by White & Case and Seaport Global, is in talks with the company to offer new financing, as a defense against getting primed by external lenders, according to two sources familiar with the matter.

Creditors in the group hold bonds across the healthcare-focused REIT’s capital structure with different maturities and are open to offering financing to address an array of MPT’s financial troubles, including refinancing its upcoming maturities and providing DIP financing in tenant bankruptcies, according to one of the sources.

Debtwire previously reported that MPT has been seeking new financing from lenders outside its existing debtholders, a deal that would prime the holders of its USD 500m 5.25% senior unsecured notes due 2026.

Another ad hoc creditor group, represented by Paul Weiss, has hired Evercore as its financial advisor, said the source.

MPT has been heavily exposed to the financial meltdowns of its tenants. Its biggest tenant, Steward Health, will be out of forbearance this week and is expected to file for Chapter 11, despite successfully selling four facilities for USD 350m this month. Another major tenant, Prospect Medical Holdings, is also likely to end up in bankruptcy, according to a source close to the company.

Given the magnitude of investment MPT has in the tenants, it might offer DIP financings in both situations to have better control over the tenants’ assets and have a “quicker resolution” to its financial woes, as bankruptcies would put pressure on government regulators to approve faster and cleaner asset sales, according to two buyside sources.

MPT is aiming to raise USD 2bn this year from asset sales and new financings, according to its latest earnings call, but it still has more than USD 18.3bn of assets on its balance sheet that it can monetize, according to its latest 10-K filing.

Representatives for MPT, Steward and Prospect did not respond to requests for comment.