Quorum Health Corporation Announces Delay in Filing 10-K; Provides Update on Ongoing Discussions With Debt Holders

BRENTWOOD, Tenn.--(BUSINESS WIRE)--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.

With regard to the ongoing discussions concerning a recapitalization or financial reorganization transaction Robert Fish, Quorum Health’s President and CEO commented, “The Company remains engaged in constructive discussions with our debt holders regarding a potential recapitalization or financial reorganization transaction. Regardless of the path forward the Company chooses, Quorum Health and its hospitals will continue to maintain all operations without any interruption to service. Our facilities play a critically important role in their communities and the fight against COVID-19. We are intensely focused on ensuring our employees have the resources they need to provide quality care to the patients and communities they serve, now and well into the future.”

About Quorum Health Corporation

Quorum Health Corporation is an operator of general acute care hospitals and outpatient services in the United States. Through its subsidiaries, the Company owns, leases or operates a diversified portfolio of 24 affiliated hospitals in rural and mid-sized markets located across 14 states with an aggregate of 1,995 licensed beds. The Company also operates Quorum Health Resources, LLC, a leading hospital management advisory and consulting services business. More information about Quorum Health Corporation can be found at www.quorumhealth.com.

Forward-Looking Statements

Statements contained in this news release regarding a potential recapitalization transaction are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Quorum Health Corporation with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

The terms “QHC,” “Quorum Health,” “the Company,” “we,” “us” or “our” refer to Quorum Health Corporation or one or more of its subsidiaries or affiliates as applicable.