AHP exits Chapter 11
July 7, 2003
BRENTWOOD, Tenn. - American HomePatient emerged from Chapter 11 Bankruptcy July 1 under a restructuring plan that preserves the company’s current management, restructures its long-term debt and ensures that all creditors and vendors will be paid 100% of what they are owed.
The Bankruptcy Court rejected a motion from the company's secured lenders requesting a stay of the ruling pending an appeal by the secured lenders. The secured lenders then requested a stay of the ruling from the United States District Court for the Middle District of Tennessee, which also rejected the request. The secured lenders have appealed the court's order confirming the plan.
In other news, AHP also today announced that it has received notice from NASDAQ that its common stock has resumed trading on the Over the Counter Bulletin Board (OTCBB). The company's common stock had temporarily traded on the National Quotation Service Bureau (NQS), commonly known as the Pink Sheets. Trading of the company's common stock on the OTCBB will be conducted under its current symbol, AHOM.