Quorum Denies Plot To Jettison Equity In Del. Ch. 11 Plan
Law360 (June 16, 2020, 7:07 PM EDT) -- Bankrupt hospital chain Quorum Health Care Services LLC argued Tuesday that unsustainable debt burdens, not a conspiracy to wipe out equity holders, drove the business into Chapter 11 during the opening of a multi-day plan confirmation argument in Delaware.
Felicia Gerber Perlman of McDermott Will & Emery LLP, counsel to the rural health care provider, made the point during arguments before U.S. Bankruptcy Judge Karen B. Owens over a plan that would trim the company's debt by about $500 million while restructuring a business that operates nearly two dozen smaller hospitals in 13 states.
Quorum's plan includes cancellation of equity investments...
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