Quorum Health files for bankruptcy

Quorum Health, the chain of small community hospitals spun out by Community Health Systems, has filed for Chapter 11 bankruptcy and secured $300 million to keep operations going throughout the process.

The bottom line: Quorum said none of its 23 hospitals will close, and employees will be paid and available to provide care during the coronavirus pandemic. But the company, which has been crushed by debt and was nearly bought out by one of its private equity owners, will remain in a precarious financial position even once it emerges from bankruptcy.