The Company therefore cautions readers against relying on these forward-looking statements. Quorum 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. Quorum Health Corporation Completes Financial Restructuring, Appoints Joey Jacobs CEO Company Emerges from Chapter 11 with New Capital Structure … For more information about how we use cookies and how to change your cookie settings, please see our © 2020 Milbank LLP The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which could include the following: risks and uncertainties relating to the Chapter 11 Cases, including but not limited to, the Company’s ability to obtain Court approval with respect to motions in the Chapter 11 Cases; the effects of the Chapter 11 Cases on the Company and on the interests of various constituents; the length of time the Company will operate under the Chapter 11 Cases; the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s financial restructuring; the conditions to which the Company’s debtor-in-possession financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside of the Company’s control; the Company’s trading price and the volatility of the Company’s common stock and the effects of the Chapter 11 Cases on the Company’s continued listing on the New York Stock Exchange; and the effects and the length of the 2019 novel coronavirus (COVID-19) pandemic as well as other risk factors set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.
The Company announced the appointment of veteran health care executive Joey Jacobs as Chief Executive Officer as well as a new Board of Managers with extensive healthcare experience. PBV Monitor Srl. Quorum emerged from bankruptcy on July 7, 2020.The matter is significant given the challenges of restructuring a rural hospital company amid the COVID-19 pandemic, including obtaining a refinancing and substantial cash pay down of Milbank’s clients’ existing term loan. Commitment to quality, community and people are basic tenets for Quorum Health Corporation has successfully completed its financial restructuring and emerged from the Chapter 11 process in U.S. Bankruptcy Court for the District of Delaware. Quorum also received a $200 million equity commitment from certain holders of the Senior Notes that was funded upon completion of the cases and used to pay various costs and reduce debt. The Company also operates Quorum Health Resources, LLC, a leading hospital management advisory and consulting services business.
Quorum 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. By clicking, “I accept cookies”, you agree to our use of cookies.
Quorum Health Corporation has successfully completed its financial restructuring and emerged from the Chapter 11 process in U.S. Bankruptcy Court for the District of Delaware. We believe the RSA will significantly reduce our debt and annual interest expense and better position our company, our affiliated hospitals, and our hospital management and consulting company, for future growth. Milbank has successfully represented the Ad Hoc Group of Term Lenders in the chapter 11 cases of Quorum Health Corporation and its affiliated debtors. The intent of the plan is to ensure that patients and families experience the same care that exists today. Quorum Health Term Lenders completed its $1.3B restructuring support agreement with a majority of its first lien lenders (including the Ad Hoc Group of Term Lenders) and noteholders on a pre-packaged chapter 11 plan of reorganization (the “Plan”), Quorum filed voluntary petitions for chapter 11 relief in the US Bankruptcy Court for the District of Delaware. They have been through some tough times and we want them … More information about Quorum Health Corporation can be found at This release contains forward-looking statements that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. The Company filed for bankruptcy protection to address liquidity needs and right-size its capital structure while continuing to care for patients and keep its hospitals operating amid the COVID-19 pandemic.Quorum obtained confirmation of its chapter 11 plan on June 29, 2020. "[Quorum] is positioned to grow and I think the team here at Quorum is ready for that. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support The Milbank team was able to obtain unanimous consent for the Plan from the First Lien Loan Claims and also played a significant role in obtaining confirmation of the Plan over staunch opposition from the company’s largest equity holder, including a valuation fight and testimony from a dozen witnesses.The Milbank team was led by Financial Restructuring partners The term “facilities” refers to entities owned or operated by subsidiaries or affiliates of Quorum Health.
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