Quorum Health Corporation (QHC) News
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Latest QHC News From Around the Web
Below are the latest news stories about Quorum Health Corp that investors may wish to consider to help them evaluate QHC as an investment opportunity.
Quorum Health Corporation -- Moody's downgrades Quorum Health's CFR to Ca from Caa2 on prepackaged bankruptcy; outlook stableMoody's Investors Service ("Moody's") today downgraded the ratings on Quorum Health Corporation ("Quorum"), including the Corporate Family Rating (CFR) to Ca from Caa2 and the Probability of Default Rating (PDR) to D-PD from Caa2-PD. Moody's also downgraded the ratings on Quorum's senior secured revolving credit facility and term loan to Caa3 from Caa1, and the rating on its unsecured notes to C from Caa3. The SGL-4, which is unchanged, reflects Moody's expectation that Quorum's liquidity will remain weak despite relief that will benefit hospitals from the recently signed CARES Act. |
Quorum stops trading on NYSEQuorum has received three delisting warnings from the NYSE in the past year, the most recent notice coming March 27 due to the company’s share price trading at less than $1 over a consecutive 30-day trading period. |
Brentwood hospital operator files for bankruptcyAs part of the filing, the company and its lenders have entered into an agreement featuring a “pre packaged” plan to reduce the company’s debt by $500 million and recapitalize the business. |
Quorum Health files for bankruptcyQuorum Health Corp. told investors it formally signed on to a restructuring support agreement to reduce its debt by $500 million. The hospital operator also said it has filed for Chapter 11 bankruptcy, and it received $100 million in debtor-in-possession financing and a $200 million equity commitment. Quorum operates 23 acute-care hospitals in 13 states; most of its hospitals are located in rural or mid-sized communities. Rural hospitals in the U.S. have been closing at a rapid clip. At least 128 rural hospitals have closed since 2010, including eight alone so far in 2020, according to the North Carolina Rural Health Research Program. Quorum's stock has tumbled 68% year-to-date, while the S&P 500 is down 17%. |
Quorum Health Corporation Reaches Agreement with Majority of Lenders and Noteholders on Prepackaged Recapitalization PlanQuorum Health Corporation (NYSE: QHC) (the "Company") today announced that it has entered into a Restructuring Support Agreement (the "RSA") with a majority of its term loan lenders and noteholders on a "pre-packaged" plan to recapitalize the business and significantly reduce the size and cost of the Company’s debt. Under the terms of this pre-packaged plan, Quorum Health will reduce its debt by approximately $500 million. |
Hospital Operator Quorum Health Is Facing Bankruptcy Amidst The COVID-19 OutbreakHospital Operator Quorum Health Is Facing Bankruptcy Amidst The COVID-19 Outbreak Quorum Health, which operates 24 hospitals in 14 states, is preparing for bankruptcy at the worst possible time: the middle of a global pandemic . The "flood" of coronavirus patients that the hospitals have experienced have put pressure on an already precarious set of financials, leaving the the company little choice, according to Bloomberg . Quorum's executives are in the midst of negotiations with stakeholders on possible restructuring deals, but at the same time the company is preparing Chapter 11 plans. Earlier this week, the company delayed its annual report filing to focus on negotiations with its creditors. No official decision has been made. But the worst part is that Quorum's troubles could foresh... |
"No Hope": Canada's Nursing Homes Prepare For Mass Death"No Hope": Canada's Nursing Homes Prepare For Mass Death Nursing homes in Canada have been instructed by health officials to 'keep seniors comfortable' if they contract COVID-19 and not take them to the hospital due to their high mortality rate, according to Canada's Global News . " They’re treating it like a hospice, like there’s no hope like they have stage four brain cancer and they just have to keep them comfortable because there’s nothing they can do," said Tanya Bartley, whose grandmother died last month at Pinecrest Nursing Home in Bobcaygeon, Ontario - where 22 residents have died and 1/3 of the staff are in isolation due to coronavirus. "They don’t play god. Everybody is the same. I don’t care if it’s a two-year-old, a 10-year-old, a 20-year-old, middle-aged, elderly. I don’t c... |
Oregon hospital's parent company could see private equity buyerPrivate equity firms have been scooping up health care providers around the U.S., but not so much in Oregon. Private equity giant KKR floated a $30 million private buyout of Quorum Health Corp. (NYSE: QHC), which owns McKenzie-Willamette Medical Center in Springfield, Axios reports. Quorum, a publicly traded corporation based in Brentwood, Tennessee, owns two dozen rural and small suburban hospitals across the U.S. Quorum issued a statement Monday confirming receipt of a non-binding proposal letter from KKR Credit Advisors for a “recapitalization transaction, potentially including, among other things, ‘a buy-out of the public shares held by minority holders at a price of $1 per share,’” Quorum said. |
Brentwood hospital company mulls going privateQuorum Health Corp. is considering becoming a privately held company. The Brentwood-based hospital operator received a letter Monday from private equity giant KKR proposing, among other things, a buy-out of Quorum's public stock at $1 per share. The potential recapitalization could also include raising additional funds and restructuring the company’s debt, according to the non-binding letter. |
Quorum Health Corporation -- Moody's downgrades Quorum Health's CFR by two notches to Caa2; outlook negativeMoody's Investors Service ("Moody's") today downgraded the ratings on Quorum Health Corporation ("Quorum"), including the Corporate Family Rating (CFR) to Caa2 from B3 and Probability of Default Rating to Caa2-PD from B3-PD. Moody's also downgraded the ratings on Quorum's senior secured revolving credit facility and term loan to Caa1 from B1, and the rating on its unsecured notes to Caa3 from Caa2. |