Quorum Health announced Tuesday it has emerged from its Chapter 11 bankruptcy with a new CEO, new board and stronger financial footing. Former Acadia Healthcare CEO Joey Jacobs is the new head of the embattled hospital chain, based in Brentwood, Tenn. For-profit Quorum said it achieved the plan outlined in its April restructuring agreement with lenders of reducing debt by about $500 million. The agreement included a $100 million commitment from bondholders and a $200 million equity commitment in exchange for shares in the reorganized company. Quorum said it also restructured its balance sheet. Completing the process allows Quorums’ 22 affiliated hospitals in rural and mid-sized markets to continue to deliver care, Jacobs said in a statement.
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Source: https://www.modernhealthcare.com/finance/quorum-health-emerges-bankruptcy-announces-new-ceo