Vencor extends maturity of $100M DIP financing.Louisville, Ky.-based Vencor, which is in Chapter 11, has agreed with its lenders to amend the company's $100 million debtor-in-possession financing Debtor-in-possession financing New 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. to extend maturity until June 30. The amendment also revises certain financial covenants and permits Vencor to seek an extension of the period of time to file its plan of reorganization. As of early March, Vencor had no outstanding borrowings under the DIP financing.
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion