Forum Health can continue using cash collateral to operate
YOUNGSTOWN — U.S. Bankruptcy Judge Kay Woods today approved an emergency two-week extension of an agreement that permits bankrupt Forum Health to use its cash collateral for operating expenses.
A hearing on another extension, should it be needed, is scheduled for 9:30 a.m. June 15.
Neither attorneys for Forum Health nor the major creditors, who met in chambers for about 15 minutes before the hearing, would comment on the what they discussed in private. The major creditors recently filed a Chapter 11 reorganization plan for Forum. A hearing for disclosure on the matter is scheduled for June 22.
Forum Health, which filed for bankruptcy in March 2009, is in negotiations with Tennessee-based Ardent Health Services to buy the local health-care system.
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