And raising cash, even through asset sales, may not be easy. Villwock points out that Tenet owns a number of underperforming hospitals -- in markets like California, Texas and Philadelphia -- that nobody may want. Tenet's California hospitals are struggling to pay higher labor costs without help from the outlier payments that made them profitable in the past. Meanwhile, the Texas facilities are treating a huge number of uninsured patients who are worsening the company's bad debt load. And the Philadelphia facilities -- including one that Tenet is fighting to close -- have been a drain on the company for years.