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twitterRehab giant in deal with creditors
Thursday, June 24, 2004 | 11:12 a.m.
BIRMINGHAM, Ala. -- HealthSouth Corp. said today it will pay creditors about $80 million in exchange for them forfeiting the right to seek accelerated bond payments, a move that could have prompted bankruptcy.
The scandal-scarred rehabilitation giant said it had ended talks on some $2.6 billion in bond debt with agreements from more than 99 percent of bondholders to accept the cash premiums.
The company previously said it could be forced into bankruptcy if it was forced to repay the full debt before it regained its financial footing.
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