Under the terms of IHHI's earlier agreement with its lender, Medical Capital Corp. of Anaheim, removal of Mogel or Anderson could have put IHHI into default on its borrowings.
In the new agreement, Medical Capital has agreed that removal of Mogel or Anderson on or after July 1 wouldn't constitute a default.
The company that owns about 12 percent of the hospital beds in Orange County soon could get new management.
Integrated Healthcare Holdings Inc., which owns four hospitals in the central part of the county, has reached an agreement with its lender that paves the way for a change at the top of the embattled company.
In a filing with the Securities and Exchange Commission, IHHI said its lender agreed to allow the company to remove its top two executives while it attempts to refinance more than $80 million in debt.
IHHI acquired the four hospitals in 2005 from Tenet Healthcare Corpfor about $70 million. The hospitals are Western Medical Center-Santa Ana, Western Medical Center-Anaheim, Chapman Medical Center in Orange and Coastal Communities Hospital in Santa Ana.
Medical Capital also withdrew an offer – on the table since February – to refinance IHHI's debt at lower interest rates, saying IHHI delayed too long in accepting the offer.
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