Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Healthcare Equipment & Services

Millennium Health Chapter 11 Petition, Plan Filed

Privately-held Millennium Health and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 15-12284 (Millennium Lab Holdings II). This health solutions company delivers clinically actionable information to inform patient treatment decisions is represented by Anthony W. Clark of Skadden Arps Slate Meagher & Flom. On October 16, 2015, Millennium Health announced that it had reached agreement with a substantial majority of holders of its debt, its current equity holders, the Department of Justice (DOJ), the Centers for Medicare & Medicaid Services (CMS) and other state and federal agencies on the terms of a financial restructuring plan that would satisfy its DOJ settlement and reduce the Company's debt. The proposed settlement with the DOJ resolves federal and state claims involving the Company. Millennium Health's petition indicates that the DOJ is its largest unsecured creditor with its $206 million government settlement claim. Concurrent with the petition, the Company also filed a Prepackaged Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. As a result of the restructuring proposed in the Plan, Millennium Health's lenders will become the new owners. No creditors other than the Company's lenders will be impacted by the restructuring, and there should be no disruption to Millennium's business or employees. Millennium Health's Chapter 11 petition indicates total assets greater than $100 million.

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