CLEARWATER, Fla., March 11 /PRNewswire/ -- CCS Medical, Inc. a leading provider of medical supplies, today announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has confirmed the Company's Plan of Reorganization (the "Plan"). The Plan as confirmed has the support of a majority of the Company's First Lien and Second Lien Lenders. The Company currently expects to emerge from Chapter 11 within the next several weeks.
"The Court's confirmation of our Plan is a major milestone for CCS Medical and we are very pleased with this important step forward in our restructuring process," said John Miclot, Chief Executive Officer of CCS Medical. "The fundamentals of our business are solid, and our success in significantly reducing our debt and strengthening our balance sheet will allow us to invest in the business to better serve our customers and their patients. We are proud of all that we have accomplished and we believe that the Plan confirmed by the Court provides the foundation for CCS Medical to emerge from Chapter 11 as a stronger, more competitive company."
"CCS Medical continues to experience high demand for our products and services, and we remain focused on meeting and exceeding the needs of our customers. We are grateful for the strong support of our employees, customers and suppliers throughout this process and we appreciate the critical role that each of these constituencies has played in our successful restructuring," added Steve Saft, Chief Administrative Officer and Chief Financial Officer.
Under the Plan, the Company will reduce its outstanding debt to approximately $200 million from approximately $522 million. As part of the Confirmation, the Company's First Lien Lenders will exchange their claims for 100% of the new equity in the Company and new debt. The majority of the Company's trade vendors will continue to be paid in full.
Additional information about CCS Medical's restructuring is available at the Company's website www.ccsmed.com. For access to Court documents and other general information about the Chapter 11 cases, please visit http://chapter11.epiqsystems.com/CCSMedical.
About CCS Medical
Founded in 1994, CCS Medical has become a leading provider of medical supplies. CCS Medical assists patients that need diabetes test strips, insulin pumps, urological supplies, ostomy supplies, advanced wound care dressings and prescription drugs. CCS Medical specializes in providing a convenient way for patients to receive supplies for their chronic illnesses in a manner that saves them time and money.
As a leader in the medical supply community, CCS Medical has a commitment to the mission statement of being the leading provider of products and services to the home chronic care marketplace.
The Company maintains a solid reputation among patients and healthcare professionals, and has developed strong relationships and select co-marketing agreements with a number of the world's leading medical products manufacturers. For more information on CCS Medical, please visit www.ccsmed.com.
Forward-Looking Statements
This press release contains certain forward looking statements about our financial condition, operations, business strategies, objectives, future business and financing requirements. It also contains other forward looking statements about our expectations, beliefs, future plans, anticipated developments and other matters that are not historical facts concerning our business, operations and financial performance and condition. These statements are based upon management's current expectations and beliefs and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control.
Contacts
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Andy Brimmer / Meaghan Repko
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Joele Frank, Wilkinson Brimmer Katcher
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212-355-4449
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SOURCE CCS Medical, Inc.
