Quorum Health Corp., the operator of two dozen hospitals and outpatient facilities in 14 states, said it filed for bankruptcy as the flood of coronavirus patients puts pressure on the already-shaky finances of U.S. health-care providers throughout the U.S. The health-care chain cut a deal with its lenders to slash debt by about $500 million through a Chapter 11 filing, according to a statement. The bankruptcy filing will allow Quorum to keep its doors open and continue treating patients while it finalizes its plan to repay creditors. The plan includes a $100 million bankruptcy loan from certain existing noteholders and a $200 million equity commitment from some noteholders. The chain’s dilemma may mark the start of massive woes for American hospitals, especially in less populated areas like the ones served by Quorum.
Read the full article: Quorum Hospital Chain Seeks Bankruptcy Amid Covid Onslaught //
Source: https://news.bloomberglaw.com/bankruptcy-law/quorum-hospital-chain-seeks-bankruptcy-amid-covid-onslaught