Five things to know:
- Brentwood, Tenn.-based Quorum Health, which has owned the hospital since 1993, filed for bankruptcy early on in the pandemic. Financiers from New York and Cayman Islands financed a loan to keep the city’s only hospital open.
- Mr. Cotter has previously worked at rural hospitals that were financially troubled, indicating potential plans to increase cash flow, the report said.
- The California native replaced interim CEO, Suzanne Richards, June 21.
- Quorum Health owned more than 30 hospitals, acute care facilities and other healthcare facilities across 13 U.S. states when it filed for bankruptcy in April 2020.
- Quorum owed debts to more than 130 lenders. It was able to secure a deal with many of those lenders to financially restructure the company, which reduced its debt by more than $500 million. While the company did sell some of its hospitals, it still owns the California hospital.
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