American HomePatient, Inc. announced that the Company entered into a tenth forbearance agreement with NexBank, SSB, the agent for their senior debt, and the holders in interest of a majority of the senior debt. Approximately $226 million was due for repayment in full on the maturity date of August 1, 2009. This was pursuant to the terms of American HomePatient, Inc.’s secured promissory note.
The Company and their lenders continue to work toward a resolution of the debt maturity issue. The lenders may not take any actions available to them against American HomePatient, Inc. because of the default, prior to May 16, 2010, under this forbearance agreement.
Founded in 1983, American HomePatient, Inc. is one of the largest home health care providers in the nation. Headquartered in Brentwood, Tennessee, the Company has operations in 33 states. Their team of healthcare professionals and clinicians delivers quality equipment and proactive care to patients. American HomePatient, as a full-service respiratory company, provides oxygen equipment and supplies, patient assessment and follow up, and sleep therapy equipment (CPAP and supplies).
The products and services they offer include respiratory services, infusion therapy, parenteral and enteral nutrition, and medical equipment for patients in their homes. The Company’s clinical teams consist of highly skilled respiratory therapists, nurses, and pharmacists.
American HomePatient offers respiratory and nutritional patient assessment programs. These are to assist physicians in the early detection of disease states and ongoing management of patient health. The Company also offers customized patient and family training for prescribed therapies and treatments. This includes comprehensive, user-friendly patient education materials. In addition, they offer total reimbursement management. This includes eligibility and benefit coverage confirmation, medical documentation, and third party billing.
As of December 31, 2009, American HomePatient, Inc. provided their services to patients, in the home, through 241 centers in the United States.
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