FRANKLIN, Tenn.--(BUSINESS WIRE)-- Community Health Systems, Inc. (NYSE: CYH) announced today that subsidiaries have acquired substantially all of the assets of Forum Health, a system of hospitals and other healthcare providers based in Youngstown, Ohio. Forum Health includes two acute care hospitals: a 346-bed Trumbull Memorial Hospital in Warren and a 398-bed Northside Medical Center in Youngstown. The system also includes Hillside Rehabilitation Hospital, a 69-bed facility in Warren, as well as several outpatient clinics and other ancillary facilities.
Forum Health and its affiliated entities voluntarily filed for bankruptcy to reorganize under Chapter 11 of the U.S. Bankruptcy Code in March 2009. In August 2010, an affiliate of Community Health Systems, Inc. emerged from a bankruptcy auction with a successful bid of $120 million, plus the assumption of certain Forum Health liabilities, in exchange for Forum Health’s assets. Prior to completing the transaction, the sale was approved by U.S. Bankruptcy Court and the Ohio Attorney General.
“We see considerable opportunities for these hospitals as we bring forth our management experience and resources to help stabilize their operations and fully develop their potential,” said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. “We are very pleased to enter this market and we look forward to working with the local leadership teams, medical staffs, and all of the employees across the system to advance their commitment to provide high-quality care for their patients.”
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is the largest publicly-traded hospital company in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 126 hospitals in 29 states with an aggregate of approximately 19,400 licensed beds. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its subsidiary Quorum Health Resources, LLC, the Company provides management and consulting services to approximately 150 independent non-affiliated general acute care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.”
Statements contained in this news release about acquisition transactions are forward-looking statements that involve risks and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption "risk factors" in the Company's Securities and Exchange Commission filings.
Community Health Systems, Inc.
W. Larry Cash, 615-465-7000
Executive Vice President
and Chief Financial Officer
Tomi Galin, 615-628-6607
Vice President, Corporate Communications
KEYWORDS: United States North America Ohio Tennessee
INDUSTRY KEYWORDS: Health Hospitals