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Forum Health can continue using cash collateral to operate



Published: Wed, June 2, 2010 @ 12:35 p.m.

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.

For the complete story, see Thursday's Vindicator and Vindy.com


Comments

1Bearcat411(10 comments)posted 4 years, 3 months ago

I as of alot of people in Youngstown am getting worried about what is happening behind closed doors .The Forum team is a joke from the day they elected the Board.These so called professionals have been sucking all the assets to near catrostophic levels.If I were overseeing this case I would go to the lenders and say now we have a buyer who is willing to give X amount on the dollar so here's your options.Enough is enough for the continuance of allowing cash flow to be put into the pot.If Forum is doing that bad where is all this money coming from.Sure makes me and alot of other people wonder! Let's get on with it...Ardent is No1 choice of all the unions so let them grasp the community and provide a continued health care presence in the Valley.

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2steelers_fan(22 comments)posted 4 years, 3 months ago

I agree, Bearcat. Court proceedings arent supposed to be behind closed doors. The board is incompetent, and the creditors cannot be trusted. In most other bankruptcy proceedings, creditors get paid pennies on the dollar. Let Ardent buy the company and let's all move on.

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3TylerDurden(367 comments)posted 4 years, 3 months ago

They should just let you two handle the entire thing from here on out. Both of you have clearly practiced bankruptcy law with a concentration in Chapter 11 proceedings.

Here's the reality, unless you have actually practiced, and gone through the requisite training, you have no real frame of reference on the matter.

If it were as simple as you are making it, you two really would be running the show.

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