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Amid Discussions With Debt Holders, Quorum Health Delays 10-K Filing

By Jack O'Brien  
   April 01, 2020

Robert Fish, CEO of Quorum Health, said the company remains engaged with debt holders about a "potential recapitalization or financial reorganization transaction."

Quorum Health Corp. announced that it was delaying the filing of its Form 10-K with the Securities and Exchange Commission (SEC) Tuesday evening.

The Brentwood, Tennessee–based hospital operator stated that ongoing discussions with its debt holders has "diverted significant management time and internal resources" away from reviewing and completing financial forms, such as the 10-K. The form is an annual report to the SEC summarizing a company's financial performance.

Quorum also cited an "anticipated restructuring transaction" as a factor that has increased the time associated with preparing and finalizing a Form 10-K.

"The Company remains engaged in constructive discussions with our debt holders regarding a potential recapitalization or financial reorganization transaction," Robert Fish, CEO of Quorum Health, said in a statement. "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."

The announcement came about four months after Quorum publicly acknowledged a non-binding proposal letter from KKR & Co., a New York-based private equity firm.

Related: Quorum Health Considers KKR Recapitalization Letter

The company said the letter relates to a "potential recapitalization transaction," including the "buy-out of the public shares held by minority holders at a price of $1.00 per share."

At the time, Quorum said it would "carefully consider" KKR's letter as part of the company's "ongoing engagement with its debt and equity holders."

Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.

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