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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Prospect Medical Holdings, | AMEX:PZZ | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 17, 2009
Prospect Medical Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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1-32203 |
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33-0564370 |
(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
of incorporation) |
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File Number) |
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Identification No.) |
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10780 Santa
Monica Boulevard
|
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|
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90025 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (310) 943-4500
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b)) |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c)) |
Item 2.04. |
Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement. |
As disclosed in the Form 8-K filed by Prospect Medical Holdings, Inc. (the Company) with the Securities and Exchange Commission on April 14, 2009 (the Effective Date), the Second Amended Chapter 11 Plan of Reorganization (the Plan) of Brotman Medical Center, Inc. (Brotman) became effective on that date. The Company additionally disclosed in that Form 8-K that the Company increased its ownership interest in Brotman from 33.1% to 71.96% on the Effective Date in accordance with the terms of the Plan. Despite the fact that the Company and the lenders under the Companys first and second lien credit facilities had numerous discussions regarding the Companys increased ownership and the benefits derived therefrom, on April 17, 2009, the Company received written notices from Bank of America, N.A., as the administrative agent (the Administrative Agent), that the lenders have deemed the Company in default of the credit facilities due to its increased ownership of Brotman. While the lenders have not exercised any remedies in connection with such alleged default, the Administrative Agent, on behalf of the various lenders, has reserved the right to exercise all of its related rights and remedies under the credit facilities (including, without limitation, termination of the credit facilities). In particular, in its written notices and in discussions with the Company, the Administrative Agent has alleged defaults of certain covenants and upcoming delivery requirements that are generally applicable to the Companys Subsidiaries, as such term is defined and limited in the credit facilities. The Company has disputed the existence of any such defaults and the characterization of those covenants and requirements as they relate to Brotman. While the parties continue to engage in discussions seeking a resolution to this matter, there can be no assurance that this matter will be resolved on a basis favorable to the Company.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PROSPECT MEDICAL HOLDINGS, INC. |
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April 23, 2009 |
By: |
/s/ Mike Heather |
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Name: Mike Heather |
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Title: Chief Financial Officer |
2
1 Year Prospect Medical Chart |
1 Month Prospect Medical Chart |
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