Newsletter Articles | August 31, 2003
Magellan Receives Additional Funding to Help With Its Climb Out of Bankruptcy
OPEN MINDS, The Behavioral Health & Social Service Industry Analyst
Industry News
On August 1, 2003, Magellan Health Services, Inc. accepted a letter from Deutsche Bank under which Deutsche Bank committed to provide Magellan with a credit totaling $230 million effective upon Magellan's exit from its Chapter 11 bankruptcy proceedings. The new credit will replace the credit contemplated by the plan of reorganization filed by Magellan on March 26, 2003. This new credit offers Magellan's management team more favorable terms and greater financial flexibility. The commitment for the new credit . . .
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