Maxicare's California Unit Files Chapter 11 Bankruptcy.Maxicare Health Plans Inc.'s California managed-care subsidiary filed for federal Chapter 11 bankruptcy protection after the state Department of Managed Health Care issued an order appointing a conservator conservator n. a guardian and protector appointed by a judge to protect and manage the financial affairs and/or the person's daily life due to physical or mental limitations or old age. for the unit. The Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. said May 29 it had requested additional information from Maxicare after a trading halt May 25-the day the Maxicare unit filed Chapter 11. Trading will remain halted until Los Angeles-based Maxicare has "fully satisfied" Nasdaq's request. Maxicare's stock last traded at $1.25 a share. Maxicare also requested mutual termination of its Medicare+Choice contract with the Health Care Financing Administration Health Care Financing Administration, n.pr department in the U.S. agency of Health and Human Services responsible for the oversight of the Medicaid and Medicare benefit programs, including guidelines, payment, and coverage policies. , effective Aug. 1 The contract covers Medicare services in California. Upon approval of the request by HCFA HCFA abbr. Health Care Financing Administration HCFA, n.pr See Health Care Financing Administration. , Maxicare will work with its Medicare members to facilitate transition to other plans and providers by July 31, the company said. |
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