Business is tough right now, including for some recent spinoffs. While California Resources Corporation was missing interest payments at the end of June, 2016 rural hospital spinoff Quorum Health was just emerging from Chapter 11. The company had been shrinking even prior to coronavirus and it was even forced to shutter and sell off numerous hospitals. From the… Read More »
In April 2016, Community Health Systems(CYH) spun off Quorum Health Corp(QHC). Quorum borrowed $1.2 billion and paid it as a dividend to Community Health prior to the spinoff, a large sum considering Quorum’s current market cap of $245 million, down precipitously from its debut, but more than double its November lows. Reuters reports that hedge fund Q Investments… Read More »
You may have noticed a lull in our regular programming and for that we apologize. Over the past few weeks, a number of spinoff transactions have closed leading to quite a few shifts within the S&P indices. Here is a summary of the various transactions: Honeywell’s (HON) AdvanSix (ASIX) spinoff was distributed on October 1st and the new company… Read More »
Community Health Systems’ (CYH) board of directors gave the formal go ahead to the spinoff of its regional hospital network, Quorum Health (QHC). The spinoff will take place on April 29th and CYH shareholders as of April 22nd should receive one share of Quorum for every 4 CYH shares owned. The new company will trade under the ticker ‘QHC’.… Read More »
Shortly after writing about Ventas’ (VTR) expanding hospital business (and skilled nursing facility spinoff), Community Health Systems (CYH), one of the largest hospital operators in the country, announced plans to spin off 38 of its hospitals along with its hospital management and consulting arm Quorum Health Resources LLC. The new company will take on the Quorum name, except the… Read More »