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Life Health > Health Insurance

Correction: PlanVista Debt Restructuring

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NU Online News Service, Jan. 23, 1:33 p.m. – National Underwriter Life & Health Hot News reported Jan. 23 on a debt restructuring plan arranged by PlanVista Corp., Tampa, Fla., a company that rents provider networks to health plans.

The plan gives a group of lenders that agreed to the deal the right to four of the seven seats on the PlanVista board if the company violates certain terms of the agreement, such as failing to make payments, but the plan does not give the lenders any right to convert the convertible preferred stock they hold into a 51% stake in the company for at least 18 months, according to Phillip Dingle, PlanVista’s chairman.

PlanVista has the clear intention of redeeming the convertible stock used to set up the arrangement before the 18-month period ends, Dingle says.


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