Cases
CourtFilingsPetition dateMore filters
The court confirmed Thomas Health System’s amended joint plan on Aug. 19, approving the Aug. 3 plan and disclosure statement after all impaired voting classes accepted and remaining objections were resolved, overruled or withdrawn source filing. The plan caps a Jan. 10 Chapter 11 filed by a 391-bed Kanawha Valley hospital system operating Thomas Memorial in South Charleston, Saint Francis in Charleston and THS Physician Partners, with nearly 1,700 employees and about 250 clinicians source filing.
At filing, the debtors identified $137.9 million of Series 2008 hospital revenue bonds, UMB Bank as master trustee, about $6.3 million of capital-lease debt and an underfunded defined-benefit pension plan; management blamed reduced patient volumes, government-reimbursement pressure, regional coal-driven job losses and the bond debt-service load source filing. Early liquidity rested on consensual cash-collateral use, with the final order allowing operations under a budget and granting the Bond Trustee adequate protection, tested against weekly variances source filing. The confirmed plan implemented a Global 9019 settlement: the unsecured portion of the Series 2008 bond claims was allowed at $86.7 million, Series 2020 bonds supplied exit financing, and $7,000,001 was set aside for Class 5 general unsecured claims while the Bond Trustee took $1 on the deficiency claim source filing.
Loading defined terms…