Attached files
file | filename |
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8-K - FORM 8-K - AMERICAN HOMEPATIENT INC | g21595e8vk.htm |
Exhibit 99.1
News Release
Contact:
|
Joseph F. Furlong | or | Stephen L. Clanton | |||
President and CEO | Executive VP & CFO | |||||
(615)221-8884 | (615) 221-8884 | |||||
Primary Contact |
For Immediate Release
AMERICAN HOMEPATIENT ENTERS INTO SIXTH FORBEARANCE AGREEMENT WITH RESPECT TO SENIOR DEBT
BRENTWOOD, Tenn. (December 15, 2009) American HomePatient, Inc. (OTCBB: AHOM), one of the
nations largest home health care providers, today announced that it has entered into a sixth
forbearance agreement with NexBank, SSB, the agent for its senior debt (the Agent), and the
holders in interest of a majority of the senior debt (the Forbearance Holders).
Approximately $226 million was due to be repaid in full on the maturity date of August 1, 2009
pursuant to the terms of the Companys secured promissory note to the Agent. The parties to the
forbearance agreement have agreed to not exercise, prior to January 16, 2010, any of their rights
or remedies for the Companys failure to repay the debt in full on the maturity date. The Company,
the Agent, and the Forbearance Holders continue to work toward a resolution of the debt maturity
issue. However, there can be no assurance a resolution will be reached with favorable terms to the
Company and its stockholders or at all.
American HomePatient, Inc. is one of the nations largest home health care providers with
operations in 33 states. Its product and service offerings include respiratory services, infusion
therapy, parenteral and enteral nutrition, and medical equipment for patients in their home.
American HomePatient, Inc.s common stock is currently traded in the over-the-counter market or, on
application by broker-dealers, in the NASDs Electronic Bulletin Board under the symbol AHOM or
AHOM.OB.
Certain statements made in this press release may constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on managements current expectations and include known and unknown risks,
uncertainties and other factors, many of which the Company is unable to predict or control, that
may cause the Companys actual results or performance to materially differ from any future results
or performance expressed or implied by such forward-looking statements. These statements involve
risks and uncertainties, including, without limitation, risks and uncertainties regarding the
maturity of the Companys secured debt, current and future reimbursement rates, and reimbursement
reductions and the Companys ability to mitigate the impact of the reductions. These risks and
uncertainties are in addition to risks, uncertainties, and other factors detailed from time to time
in the Companys filings with the Securities and Exchange Commission. The Company cautions
investors that any forward-looking statements made by the Company are not necessarily indicative of
future performance. The Company is not responsible for updating the information contained in this
press release beyond the published date, or for changes made to this document by wire services or
Internet services.