Podcast Center
Video Center
Webcasts
Resource Center
Events
July 01, 2003 at 08:00 PM
NU Online News Service, July 1, 2003, 4:58 p.m. EDT – Onex Corp., Toronto, has agreed to increase its proposed investment in Magellan Health Services Inc., Columbia, Md., to $285 million, from an original maximum of $200 million, Magellan says.
Magellan, a company that runs mental health and drug treatment programs for one-quarter of all U.S. residents, filed for protection from creditors in March under Chapter 11 of the U.S. Bankruptcy Code.
Onex announced in May that it would supply between $100 million and $200 million to help Magellan pay off $1 billion in old debts. In exchange, Onex would get 50% of Magellan’s common stock voting rights.
