HealthSouth Granted Temporary Restraining Order to Prevent Acceleration of Notes
BIRMINGHAM, Ala., Mar 12, 2004 /PRNewswire-FirstCall via COMTEX/ -- HealthSouth Corp. (OTC Pink Sheets: HLSH) today announced that the Circuit Court of Jefferson County, Alabama, has granted its request and issued a temporary restraining order to prevent acceleration of its outstanding notes.
HealthSouth said it sought this relief to prevent certain holders of its notes from accelerating their indebtedness, which HealthSouth believes would cause substantial harm to its enterprise value and all of its stakeholders. The suit also seeks a judicial determination regarding several indenture issues, including the applicability of certain acceleration and payment provisions. HealthSouth said it is hopeful these actions will assist the Company in reaching a consensual agreement with these noteholders with respect to certain technical defaults and in completing its restructuring.
The Special Committee of HealthSouth's board, its new management team and its more than 46,000 employees have worked tirelessly since the events of March 2003 to restore credibility with its patients, doctors, employees, creditors, stockholders and other constituencies. HealthSouth said it is current on all principal and interest payments and has made great progress in its turnaround.
About HealthSouth
HealthSouth is the nation's largest provider of outpatient surgery, diagnostic imaging and rehabilitative healthcare services, with nearly 1,700 locations nationwide and abroad. HealthSouth can be found on the Web at www.healthsouth.com.
SOURCE HealthSouth Corp.
Andy Brimmer, +1-205-410-2777, for HealthSouth Corp.
healthsouth.com |
