Imaging center chain Medical Resources has concluded its financial restructuring and completed its Chapter 11 bankruptcy proceedings. On February 8 the Hackensack, NJ-based vendor’s reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of New York.
The plan gave holders of $75 million of the firm’s senior notes approximately 84% of the reorganized firm's common stock. The remaining equity was distributed to other creditors and plaintiffs in lawsuits previously pending against Medical Resources. The plan also stipulates that pre-Chapter 11 shareholders will receive no distribution, and that their shares of common stock will be canceled.
In connection with the completion of Chapter 11 proceedings, Medical Resources has informed the Securities and Exchange Commission that it has less than 300 holders of common stock, and therefore is no longer subject to the reporting requirements of the Securities Exchange Act of 1934.
By AuntMinnie.com staff writers
February 27, 2001
Related Reading
Medical Resources revenue declines, November 15, 2000
Copyright © 2001 AuntMinnie.com
