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

State monitors have been in place in the Dallas-based company’s Bay State hospitals since January, after it was revealed the health care provider is apparently behind on its debts enough to find itself embroiled in several lawsuits from suppliers and the owners of the land on which the hospitals sit.

On Friday, Gov. Maura Healey’s administration launched an “emergency operations plan” aimed at dealing with whatever fallout may come from Steward’s dire financial circumstances and the potential for disruption to patient care at any of the company’s eight operational Bay State hospitals.

Health and Human Services Secretary Kate Walsh said today the state has been preparing for this day.

“Today, Steward Health Care moved forward with a bankruptcy filing under federal law – an action for which the Healey-Driscoll administration has been preparing. Steward hospitals remain open, and patients should not hesitate to seek care,” Walsh said. “The Healey-Driscoll administration is working with Steward and any potential partners to support an orderly transfer of ownership that protects access to care, preserves jobs and stabilizes our health care system.”

This weekend, House Speaker Ron Mariano said a hospital oversight bill under consideration in the lower chamber would require hospital owners to open their books to lawmakers, ensuring a level of transparency that Steward has apparently refused.

For today, Steward said it had no choice but to seek bankruptcy protection.

“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 …