Shareholders get home operator. (Up Front).Fountain View Inc., the Burbank-based nursing home operator that filed for Chapter 11 bankruptcy protection in September 2001, has filed a plan to emerge from court supervision and pay off all its creditors. In an unusual outcome, the company will remain in the hands of its shareholders, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. it filed with in federal 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. last week. Typically, creditors in 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. cannot be frilly frill n. 1. A ruffled, gathered, or pleated border or projection, such as a fabric edge used to trim clothing or a curled paper strip for decorating the end of the bone of a piece of meat. 2. paid off, so they end up taking partial or full ownership of the company in exchange for the debt they are owed. In the Fountain View proceeding, shareholders will receive substantially all of the equity of the reorganized company, the company said in a statement. Fountain View has received commitments for an additional $150 million in financing. Fountain View, which recently moved to Foothill Ranch, got into financial trouble in 2001. That year, the company was hit with a hike in liability insurance rates, a Medicare dispute with federal regulators, and a $6.1 million judgment resulting from the death of a resident at one of its homes. While operating under bankruptcy court protection, the company received a $3.1 million settlement from the federal government related to the prior closing of a facility over the Medicare dispute. It also settled the patient death case for $1.1 million, which was paid by one of its insurance companies, said Michael Tuchin, a co-manager at Klee Tuchin Bogdanoff & Stern LLP LLP - Lower Layer Protocol , a Los Angeles-based bankruptcy law firm working with Fountain View. Robert Snukal, Fountain View's founder, was replaced last year by its current chief executive, Boyd Hendrickson. The Snukal family was criticized for its business ties with Fountain View and for family members' employment there in high positions. Hendrickson, a former executive with industry giant Beverly Enterprises The., cited improved efficiency within the operation as one reason Fountain View was plans to emerge from bankruptcy intact. The company has reduced overhead by $3 million to $4 million, since he arrived in April 2002, he said. Hendrickson was joined by another Beverly Enterprises alumnus ALUMNUS, civil law. A child which one has nursed; a foster child. Dig. 40, 2, 14. , Jose Lynch, who is now president of Fountain View's Texas operations. While the company's plans to emerge from Chapter 11 status are in place, its legal troubles are not over. The firm that filed the wrongful death The taking of the life of an individual resulting from the willful or negligent act of another person or persons. If a person is killed because of the wrongful conduct of a person or persons, the decedent's heirs and other beneficiaries may file a wrongful death action case against Fountain View, Wilkes & McHugh, has 11 other plaintiffs with cases filed against Fountain View, according to firm spokesman Steve Vancore. |
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