Vencor amends debtor-in-possession financing.Louisville Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , Ky.-based Vencor, which filed a petition for Chapter 11 protection last fall, has agreed with its lenders to revise a financial covenant in its debtor-in-possession financing Debtor-in-possession financingNew debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. regarding Vencor's minimum net amount of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . The company was not in compliance with this covenant at December 31, 1999. In the amendment, Vencor's lenders waived all events of default regarding this accounts receivable covenant occurring prior to the date of the amendment. |
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