NU Online News Service, April 15, 11:14 a.m. – PlanVista Corp., Tampa, Fla., a company that helps run managed care provider networks, says it has restructured $35.5 million in debt and revamped its board of directors.
The company has exchanged $29 million in debt for convertible preferred stock and $6.5 million in subordinated debt for common stock.
The banks have replaced the old debt with a $40 million, two-year term loan, at an interest rate of prime plus 1%, PlanVista says.
PlanVista is also announcing the departure of four directors from its board and the addition of three new directors.
The departing directors include Jeffrey Markle, PlanVista’s president. Markle “will leave the board for an indefinite period,” PlanVista says.
The three new directors are Christopher Garcia, David Ferrari and Randy Sugarman.
Garcia is a managed care executive who spent eight years working on Wall Street as an investment banker.
Ferrari and Sugarman are the founders of firms that specialize in turning troubled companies around.