Timberlawn Emerges From Bankruptcy

OPEN MINDS The Behavioral Health Industry Analyst Industry News Timberlawn Mental Health System in Dallas emerged from bankruptcy protection November 17, 1995. Timberlawn has compiled nearly $14 million in debt the past four years. This debt has now nearly been erased in the bankruptcy settlement. U.S. Bankruptcy Judge Robert C. McGuire approved a plan the first week of September, 1995 under which 60 unsecured creditors will exchange seven million dollars in notes for 55% of the company's stock. Most of the creditors are physicians and staff persons who formerly worked at Timberlawn. In addition, NationsBank will restructure a . . .