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Mediq

This article was originally published in The Gray Sheet

Executive Summary

Medical equipment leasing concern will receive up to $20 mil. in debtor-in-possession financing from Banque Nationale de Paris as part of a Jan. 24 Chapter 11 bankruptcy filing. The Pennsauken, New Jersey durable medical equipment firm will use the funds to restructure its outstanding debt. "Having spent months working with our senior lenders to develop an appropriate capital structure...we expect the actual time under Chapter 11 protection to be very brief - perhaps just a few months," Mediq President Regis Farrell comments. Under the agreement, Mediq will restructure its $325 mil. credit facility into a $240 mil. facility and newly issued shares of preferred stock, which will represent 65% of the common stock in the reorganized entity
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