Allegheny repaid Mellon $87 million
Article Abstract:
Allegheny Health Education and Research Foundation gave in April 1998 a lender consortium, which is led by Mellon Bank, with $87 million to repay its credit line. Allegheny Health Education and Research Foundation opted to repay the Mellon Bank-led lender consortium even as its was suffering delays in paying its suppliers and it was losing close to $1 million everyday. Allegheny Health Education and Research Foundation's move angered its workers and other creditors, with the debt payment's timing to be used as an issue of contention during Bankruptcy Court deliberations on the firm's assets.
Comment:
Leads a lender consortium that is given $87 mil in 4/98 by Allegheny Health Education & Research Foundation to repay credit line
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Allegheny borrows to meet payroll
Article Abstract:
Allegheny Health System's $100-million emergency financing plan has been approved by a federal bankruptcy judge to meet the payroll of its Philadelphia, PA-based employees as well as obligations with Mellon Bank. The emergency loan from New York-based lender Madeleine LLC will be used as assurance for an intentional overdraft of $2 million to $3 million through Allegheny's checking account with Mellon Bank. Bankruptcy protection was filed by Allegheny for eight of its nine area hospitals, its physician practice group and its medical and three professional schools.
Comment:
Emergency financing plan worth $100-million approved by a federal bankruptcy judge
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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SEC looks at reports filed by Allegheny
Article Abstract:
Financial reports filed by the Allegheny Health System (Pittsburgh, PA) have been subpoenaed by the US Securities and Exchange Commission, Allegheny board members say. The subpoenaed documents include material on Allegheny's two 1996 bond issues, which were worth a combined $356 million. The SEC investigation may have been prompted by Allegheny's Sep 1998 admission of innacuracies in its 1997 financial reports, according to Allegheny finance and audit committee head J. David Barnes.
Comment:
Financial reports filed by the Allegheny Health System (Pittsburgh, PA) have been subpoenaed by the US Securities and Exchange Commission, Allegheny board members say.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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