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PlanVista Renegotiates Note Payment Terms

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NU Online News Service, April 1, 2003, 12:28 p.m. EST – PlanVista Corp., Tampa, Fla., says CENTRA Benefits Services Inc. has eased payment terms for $4.3 million in notes.

CENTRA, which received the notes as the result of a 1998 acquisition, has agreed to reduce the interest rate to 6%, from 12%, and to push the maturity date back to April 1, 2006, from Dec. 1, 2004, PlanVista says.

PlanVista also reports that Commonwealth Associates L.P., New York, a company that recently helped it by acquiring its bank debt and most of its convertible preferred stock, has helped it with its obligations to CENTRA.

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PVC Funding Partners L.L.C., a Commonwealth Associates affiliate involved with the earlier effort, has now acquired more than 50% of the CENTRA notes, and the holders of the remaining CENTRA notes have become investors in PVC Funding, PlanVista says.

Plan Vista runs a national health care provider network that includes 4,000 hospitals and 400,000 doctors. The company also develops claims systems and other systems for running provider networks.