Moody'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.

Private 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.

Quorum Health Corporation (NYSE: QHC) today announced that it has entered into a definitive agreement with Braden Health to divest the 45-bed Henderson County Community Hospital in Lexington, Tennessee. The transaction is expected to be complete by the end of the first quarter of 2020, subject to customary approvals and conditions.

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Moody'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.

Quorum Health Corporation (NYSE: QHC) (the "Company") today announced that it was notified (the "March 2020 Notice") on March 23, 2020 by the New York Stock Exchange (the "NYSE") that it was not in compliance with the NYSE’s continued listing standards as a result of the average closing price of the Company’s common stock being less than $1.00 per share over a consecutive 30 trading-day period. As set forth in the March 2020 Notice, as of March 20, 2020, the 30 trading-day average closing share price of the Company’s common stock was $0.94.

Quorum 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 (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.

The company is one of a trio of Brentwood-based health care companies that have struggled to remain listed on a public exchange over the last 12 months.

The company has experienced a significant decrease in patient volume during the pandemic across all practices and specialties, with decreases as high as 70% in anesthesia services and ambulatory surgery.

The company, founded in 2018, now monitors 25,000 patient beds across the U.S. And it's planning to more than double that. After all, the average hospital patient receives less digital monitoring than a can of Coca-Cola during its manufacturing process.

Quorum Health Corporation (NYSE: QHC) today filed a Form 12b-25 with the Securities and Exchange Commission announcing a delay in the filing of its Form 10-K for the fiscal year ended December 31, 2019. The Company, together with its financial and legal advisors, has been engaged in discussions with certain debt holders regarding a recapitalization or financial reorganization transaction. As noted in the filing, the process of negotiating with the Company’s debt holders has been a priority for management and has diverted significant management time and internal resources from the Company’s normal processes for reviewing and completing its financial statements and related disclosures. Additionally, the complexities involved with drafting a complete and accurate set of financial statements and related disclosures in light of the anticipated restructuring transaction has significantly increased the time required to prepare and finalize the Form 10-K beyond the time required during a normal review cycle.

Quorum Health Corporation (NYSE: QHC) today responded to an update provided by KKR Credit Advisors (US) LLC ("KKR") on Tuesday March 10, 2020 regarding the previously disclosed non-binding proposal letter delivered to the Company on December 2, 2019.

Quorum 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 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.

As 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.

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Acadia Healthcare Company Inc., Community Health Systems Inc., Change Healthcare Inc. and Quorum Healthcare Corp. have all seen their share prices drop by more than 50% from their 2020 highs.

Q3 2019 Quorum Health Corp Earnings Call