Business Update

HealthSouth reaches agreement with noteholders

Published in Physician Law Weekly, June 30th, 2004

HealthSouth Corp. has reached an agreement with a majority of its bondholders that moves the company closer to its goal of restructuring about $2.6 billion in debt as it tries to emerge from an accounting fraud scandal.

Officials with the health care giant said June 8, 2004, the company would pay about $73 million to $80 million to those investors, putting off larger payments until later and removing a major obstacle to HealthSouth's ability to restructure outside bankruptcy court. The agreement was expected to be finalized later this month, clearing the way for the payment.

"I think this is in the best interest of the noteholders and the company,"...

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Source: Physician Law Weekly (2004-06-30)

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