Judge approves loan for Allegheny
Article Abstract:
Allegheny Health System can borrow up to $100 million from Madeleine LLC, a subsidiary of Cerebus Partners of New York, under a financing plan approved by Bankruptcy Judge M. Bruce McCullough. The loan, which includes $50 million for Allegheny's payroll, will help the hospital system operates as it looks for buyers for its Philadelphia, PA, area hospitals. In July 1998, Allgheny sought Chapter 11 bankruptcy protection for nearly all of its Philadelphia operations. Madeleine obtained approval from McCullough as the first to be repaid before any other creditor. The company would have first claim on any money returned to Allegheny from payments it made within 90 days prior to bankruptcy.
Comment:
Subsidiary of Cerebus Partners lends up to $100 mil to Allegheny Health Sys under a financing plan approved by bankruptcy judge
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Some creditors get offer to cut Allegheny losses
Article Abstract:
Many creditors of the bankrupt Allegheny health system can reduce their expenses and get a small portion of the funds they are owed now, instead of waiting months or even years to resolve the case. Bear Stearns & Co., a New York-based investment company, is proposing five cents on the dollar. The firm mentioned this in letters sent to some of the health system's 65,000 creditors. The offer was made in March, but no creditor has publicly accepted the offer. Other companies are expected to make similar offers to the creditors, who are owed a total of $1.5 billion.
Comment:
Creditors of Allegheny health system can reduce their expenses and get a small portion of the funds they are owed now
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1999
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Allegheny had prepared to settle U.S.allegations
Article Abstract:
Before it filed for bankruptcy, Allegheny Health Systems was preparing to settle the claims of the U.S Attorney's Office that its two Philadelphia hospitals had overcharged the Medicare program by $384,000. The government was seeking $137000 to settle the claim. This action was part of the Justice Departments investigation of the Medicare billing practices of hospitals in Pennsylvania in regard to the treatment of pneumonia. It is unclear what action the government will take in regard to Allegheny now that it has filed for Chapter 11 protection.
Comment:
Allegheny Health Systems was preparing to settle the claims of the U.S Attorney's Office of improper billing
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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