Bankruptcy Court Confirms American HomePatient, Inc. Reorganization Plan.Business Editors/Health/Medical Writers BRENTWOOD, Tenn.--(BUSINESS WIRE)--May 16, 2003 American HomePatient, Inc. (Pink Sheets: AHOM) today announced that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Middle District of Tennessee has confirmed the Company's plan of reorganization under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
The confirmed plan allows the Company to continue its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets uninterrupted, led by its current management team, and accomplishes the Company's primary goal of restructuring its long term debt obligations to its secured lenders. In addition, the confirmed plan provides that the Company's shareholders retain their equity interest in the Company, and all of the Company's creditors and vendors will be paid 100% of all amounts they are owed, either immediately or over time with interest. The confirmed plan was proposed jointly by the Company and the Unsecured Creditors Committee but was objected to by the Company's secured lenders. In the decision, the Court overruled all of the secured lenders' objections to confirmation of the plan. The secured lenders may appeal the Court's decision. "Today is an especially rewarding day for the Company and its employees," says Joseph F. Furlong III, the Company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The past nine months have been challenging, but the Company is pleased with the Court's decision to confirm the plan and will emerge from the bankruptcy case with renewed strength. Because of the dedication of the Company's employees and the unyielding support of our patients, referral sources and vendors, the Company is well-positioned to remain a premier provider of home health care services." A copy of the Court's opinion will be filed by the Company with the Securities and Exchange Commission as an exhibit to a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , to be available via the Edgar database at www.sec.gov. Founded in 1983, American HomePatient, Inc. is one of the nation's largest home health care providers with 287 centers in 35 states. Its product and service offerings include respiratory services, infusion therapy, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis , and medical equipment for patients in their home. American HomePatient, Inc.'s common stock is currently traded in the pink sheets under the symbol AHOM. Additional information about the Company is available at www.ahom.com. Certain statements made in the press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the Company's actual results or performance to materially differ from any future results or performance expressed or implied by such forward-looking statements. These statements involve risks and uncertainties, including without limitation, risks and uncertainties regarding an appeal of the confirmed plan and the final resolution of the Company's Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. , as well as the operation of the Company during such proceedings and thereafter. These risks and uncertainties are in addition to other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. Such factors may include changes to the Company's business strategy and operation, the effect of healthcare legislation and regulation, the ability to obtain business, and the outcome of ongoing governmental investigations. |
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