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The CHS saga: A timeline of key events

Since declaring financial troubles in May, Franklin, Tenn.-based Community Health Systems has experienced a rollercoaster of events in its quest to regain financial stability.

Here is a timeline of recent events concerning CHS.

May 2016
CHS completes 38 hospital spin off
Franklin, Tenn.-based Community Health Systems completed its previously announced spinoff of Quorum Health Corp., which included 38 hospitals across 16 states as well as CHS' hospital management and consulting business.

CHS sees profit plummet, plans to sell 10 more hospitals to drive down debt
CHS saw its earnings drop significantly in the first quarter of fiscal year 2016.

August 2016
CHS to sell 12 hospitals to drive down debt
The Franklin, Tenn.-based hospital operator declared its plan to sell a dozen hospitals by the end of 2016 — two more than it was negotiating to divest in May. 

September 2016
CHS ups divestitures, will sell more than 12 hospitals
In August, CHS said it would sell more than the 12 hospitals it previously anticipated.

Accipiter Capital ups stake in CHS
Hedge fund Accipiter Capital retained 2,432,366 shares of Community Health Systems after scooping up an additional 1,687,136 shares in the second quarter.

CHS explores sale of its business
The hospital operator declared its plans to work with advisers to explore a variety of options with financial sponsors, including the possible sale of its business.

Chinese billionaire ups stake in CHS for $31.9M
Chinese billionaire Tianqiao Chen acquired a larger stake in CHS after buying roughly 3.5 million more shares.

Chinese billionaire again ups stake in CHS — this time for $9.55M
Mr. Chen then proceeded to buy an even larger stake in the for-profit hospital operator, obtaining a 13.8 percent stake in CHS after buying 929,813 more shares.

CHS to sell four hospitals to Curae Health
CHS officials signed a definitive agreement to sell three hospitals in Mississippi and one hospital in Florida to Clinton, Tenn.-based Curae Health.

NLRB issues labor complaint against CHS
The National Labor Relations Board Office of General Counsel declared its decision to move forward with a consolidated labor complaint against CHS, as well as the hospital operator's 38-hospital spinoff, Quorum Health.

October 2016
CHS spin-off to sell Georgia hospital
Quorum Health signed a definitive agreement to sell Barrow Regional Medical Center in Winder, Ga., to Northeast Georgia Health System in Gainesville.

Metro Health CEO: I'm thankful the CHS deal fell apart
After learning of CHS' financial troubles, Metro Health President and CEO Mike Faas said he's thankful, in retrospect, that the potential deal between CHS and Metro Health in 2015 fell through.

CHS adopts short-term poison pill to protect stockholders' rights
Roughly two weeks after Mr. Chen increased his holding in the for-profit hospital operator, CHS officials adopted a "poison pill" to protect shareholders' rights.

Chinese billionaire claims he does not want to control CHS
After news that CHS adopted the "poison pill," Shanghai, China-based private investment firm Shanda Asset Management Holding, owned by Mr. Chen, released a statement reiterating its role as a passive investor in the for-profit hospital operator.

Simplex Trading scoops up additional 64,958 shares in CHS
Chicago-based Simplex Trading purchased an additional 64,958 shares in CHS.

CHS faces fraud allegations from investor in Quorum spin-off: 7 things to know
Q Investments LP sent a letter to the board of Quorum Health, asking the board to conduct an independent investigation into potentially unlawful financial projections related to CHS.

CHS to sell controlling interest in home health business for $128M
CHS signed a definitive agreement to sell a controlling interest in CHS Home Health to Louisville, Ky.-based Almost Family, a provider of home health nursing services.

CHS spin-off Quorum sells NC hospital
Quorum Health Corp. signed a definitive agreement to sell 64-bed Sandhills Regional Medical Center in Hamlet, N.C., to FirstHealth of the Carolinas in Pinehurst, N.C.

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