Thomas Health reaches agreement to exit Chapter 11 bankruptcy - WSAZ

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CHARLESTON, W.Va. (WSAZ) – A plan for Thomas Health to exit Chapter 11 bankruptcy protection has been approved, the company announced Friday.

The plan includes terms that provide for discounted refunding of about $145 million in bond debt. Rosemawr Management, an alternative investment firm, will the provide exit financing, according to Thomas Health.

The company, which sought Chapter 11 protection on Jan. 10, said the agreement will result in a significant reduction of the company’s long-term debt.

Financing is expected to be completed by mid-September.

"To be in the position to file a viable plan that will restructure and strengthen our balance sheet, while maintaining and continuing to treat our patients, especially during times as unprecedented as the last 90 days, is a testament to the hard work of our employees," said Dan Lauffer, president and CEO of Thomas Health, in a release.

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Thomas Health reaches agreement to exit Chapter 11 bankruptcy - WSAZ
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