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> Insight Health Services Holdings Corp. Completes Restructuring
Insight Health Services Holdings Corp. Completes Restructuring
Restructuring Eliminates Virtually All Debt
Insight Obtains New $17.5 Million Revolving Credit Facility
LAKE FOREST, Calif. … March 23, 2011 … Insight Health Services Holdings Corp. (“Insight”) announced that it and its subsidiaries, including Insight Health Services Corp., emerged from their Chapter 11 restructuring today.
Following a successful prepackaged restructuring, Insight has eliminated nearly $300 million of long-term debt, significantly strengthening its balance sheet. Insight also announced a new revolving credit facility of up to $17.5 million with Healthcare Finance Group that will be used to provide working capital for ongoing operations.
Kip Hallman, Insight’s President and Chief Executive Officer, commented upon the restructuring, “This is an exciting day for Insight, as we emerge from our restructuring with essentially no debt, the strongest balance sheet in our business, and a great opportunity to get back to growing our business. We set out to complete our restructuring without disruption to our patients, employees and the hospitals and physicians we serve, and we were able to achieve this goal through the dedicated hard work of all the outstanding members of our team. We are all excited and energized to have the opportunity to bring our Patients First care and exceptional service to even more people as we grow our business in the future. We are also looking forward to working with our new majority equity owners, affiliates of Black Diamond Capital Management, LLC, who share our enthusiasm for the opportunities ahead.”
Insight Imaging, headquartered in Lake Forest, California, is a provider of fixed site and mobile diagnostic imaging services. Insight Imaging serves a diverse portfolio of customers, including healthcare providers, such as hospitals and physicians, and payors, such as managed care organizations, Medicare, Medicaid and insurance companies, in over 30 states, including the following targeted regional markets: California, Arizona, Texas, New England, the Carolinas, Florida and the Mid-Atlantic states. For more information, please visit www.insighthealth.com.
About Black Diamond Capital Management
Founded in 1995, Black Diamond Capital Management, L.L.C. (Black Diamond) is a leading alternative asset management firm with over $5 billion in assets under management across complementary control distressed/private equity, hedge fund and CLO vehicles. Black Diamond has offices in Greenwich, CT and Lake Forest, IL.
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