Court hearing over West Penn Allegheny investor talks extended

Written By Unknown on Minggu, 28 Oktober 2012 | 16.47

PITTSBURGH | Fri Oct 26, 2012 7:37pm EDT

PITTSBURGH Oct 26 (Reuters) - A Pennsylvania judge on Friday extended a key court hearing in a dispute between troubled West Penn Allegheny Health System and insurer Highmark Inc. over a soured $475 million merger agreement.

Allegheny County Judge Christine Ward presided over two days of testimony on Thursday and Friday but still needed more time next week to hear witnesses and evidence in Highmark's bid to block West Penn from talking to other potential investors.

Ward will continue the hearing next Thursday.

West Penn says Highmark, under a new CEO, began insisting that it file for bankruptcy to reduce its debt load before Highmark would consummate the deal.

Highmark has already provided $225 million to help keep struggling West Penn afloat. West Penn issued $737 million of municipal bonds in 2007.

Each has now accused the other of breaching their agreement.

State insurance regulators suggested in a letter to Highmark that they were more likely to sign off on the merger if West Penn first filed for bankruptcy to reduce its debt, according to evidence Highmark presented at the hearing.


Anda sedang membaca artikel tentang

Court hearing over West Penn Allegheny investor talks extended

Dengan url

http://streswajah.blogspot.com/2012/10/court-hearing-over-west-penn-allegheny_28.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Court hearing over West Penn Allegheny investor talks extended

namun jangan lupa untuk meletakkan link

Court hearing over West Penn Allegheny investor talks extended

sebagai sumbernya

0 komentar:

Posting Komentar

techieblogger.com Techie Blogger Techie Blogger