Brentwood, Tenn.-based Quorum Health has emerged from bankruptcy, about three months after entering the chapter 11 restructuring process, Becker's Hospital Review reported. Quorum, a spinoff of Franklin, Tenn.-based Community Health Systems, filed for bankruptcy in early April. The for-profit company asked the bankruptcy court to expedite approval of its restructuring plan, and the court approved the $1.3 billion plan June 29. Quorum exited bankruptcy with approximately $500 million less debt and a new CEO and board of managers. The company named Joey Jacobs CEO. Jacobs, who most recently served as chair and CEO of Franklin, Tenn.-based Acadia Healthcare, will also serve on Quorum's board of managers. Quorum's board of managers will be led by Catherine Klema, president of Nettleton Advisors, a financial and strategic advisory firm for healthcare organizations.
