{"id":790986,"date":"2024-11-26T16:28:35","date_gmt":"2024-11-26T21:28:35","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/community-health-systems-inc-provides-update-regarding-commonwealth-health-system\/"},"modified":"2024-11-26T16:28:35","modified_gmt":"2024-11-26T21:28:35","slug":"community-health-systems-inc-provides-update-regarding-commonwealth-health-system","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/community-health-systems-inc-provides-update-regarding-commonwealth-health-system\/","title":{"rendered":"Community Health Systems, Inc. Provides Update Regarding Commonwealth Health System"},"content":{"rendered":"

<\/p>\n

Community Health Systems, Inc. Provides Update Regarding Commonwealth Health System<\/b><\/p>\n

FRANKLIN, Tenn.–(BUSINESS WIRE<\/a>)–
\nCommunity Health Systems, Inc. (NYSE: CYH) provided an update on the planned divestiture of Commonwealth Health System in Pennsylvania.<\/p>\n

\nOn November 22, 2024, CHS\/Community Health Systems, Inc. (\u201cCHS\u201d), a wholly-owned subsidiary of Community Health Systems, Inc. (the \u201cCompany\u201d), and WoodBridge Healthcare, Inc. (\u201cWoodBridge\u201d) mutually agreed to terminate the Asset Purchase Agreement dated July 30, 2024, as amended (the \u201cPurchase Agreement\u201d), between CHS and certain wholly-owned subsidiaries (the \u201cCHS Selling Entities\u201d) and WoodBridge and certain of its affiliates.<\/p>\n

\nUnder the terms of the Purchase Agreement (which was previously disclosed on a Current Report on Form 8-K filed by the Company on July 30, 2024), WoodBridge would have acquired substantially all of the assets of, and assumed certain liabilities from, the CHS Selling Entities related to Regional Hospital of Scranton in Scranton, Pennsylvania, Moses Taylor Hospital in Scranton, Pennsylvania, and Wilkes-Barre General Hospital in Wilkes-Barre, Pennsylvania, and certain related businesses.<\/p>\n

\nThe termination of the Purchase Agreement was due to WoodBridge\u2019s inability to satisfy the funding requirements in the Purchase Agreement because of certain developments affecting the expected proceeds available to WoodBridge from the issuance of publicly offered tax-exempt and taxable bonds.<\/p>\n

\nThe Company will evaluate future options for Commonwealth Health in light of the termination of this transaction.<\/p>\n

About Community Health Systems, Inc.<\/b><\/p>\n

\nCommunity Health Systems, Inc. is one of the nation\u2019s largest healthcare companies. The Company’s affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 39 distinct markets across 15 states. CHS subsidiaries own or lease 69 affiliated hospitals with more than 11,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers.<\/p>\n

\nThe Company\u2019s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol \u201cCYH.\u201d More information about the Company can be found on its website at www.chs.net<\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20241126609794\/en\/<\/a><\/span><\/p>\n

Media Contacts:
\n<\/b>
Community Health Systems
\n
Tomi Galin, 615-628-6607
\n
Executive Vice President, Corporate Communications, Marketing and Public Affairs<\/p>\n

Investor Contacts:
\n<\/b>
Community Health Systems
\n
Kevin Hammons, 615-465-7000
\n
President and Chief Financial Officer<\/p>\n

\nAnton Hie, 615-465-7012
\n
Vice President \u2013 Investor Relations<\/p>\n

KEYWORDS:<\/b> Pennsylvania Tennessee United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Hospitals Health Practice Management<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Community Health Systems, Inc. Provides Update Regarding Commonwealth Health System FRANKLIN, Tenn.–(BUSINESS WIRE)– Community Health Systems, Inc. (NYSE: CYH) provided an update on the planned divestiture of Commonwealth Health System in Pennsylvania. On November 22, 2024, CHS\/Community Health Systems, Inc. (\u201cCHS\u201d), a wholly-owned subsidiary of Community Health Systems, Inc. (the \u201cCompany\u201d), and WoodBridge Healthcare, Inc. (\u201cWoodBridge\u201d) mutually agreed to terminate the Asset Purchase Agreement dated July 30, 2024, as amended (the \u201cPurchase Agreement\u201d), between CHS and certain wholly-owned subsidiaries (the \u201cCHS Selling Entities\u201d) and WoodBridge and certain of its affiliates. Under the terms of the Purchase Agreement (which was previously disclosed on a Current Report on Form 8-K filed by the Company on July 30, 2024), WoodBridge would have acquired … <\/p>\n

Continue reading “Community Health Systems, Inc. Provides Update Regarding Commonwealth Health System”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-790986","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCommunity Health Systems, Inc. Provides Update Regarding Commonwealth Health System - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/community-health-systems-inc-provides-update-regarding-commonwealth-health-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Community Health Systems, Inc. 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