Sun Healthcare (SUNH) to Amend Credit Facility; Aims for Further Flexibility
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Sun Healthcare Group, Inc. (Nasdaq: SUNH) is seeking an amendment to its senior secured credit facility to provide additional financial flexibility.
Pursuant to the proposed amendment, the Company will make a voluntary debt pay-down and increase its interest expense in return for greater flexibility to certain financial covenants. Although these covenant changes would enable the Company to operate with improved flexibility in addressing the Medicare reimbursement changes that became effective on Oct. 1, 2011, there is no assurance that the Company will be successful in achieving an agreement with its lenders.
Pursuant to the proposed amendment, the Company will make a voluntary debt pay-down and increase its interest expense in return for greater flexibility to certain financial covenants. Although these covenant changes would enable the Company to operate with improved flexibility in addressing the Medicare reimbursement changes that became effective on Oct. 1, 2011, there is no assurance that the Company will be successful in achieving an agreement with its lenders.
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