Curative Health Services gets more time to file Chapter 11; new deadline March 28

By Caroline Salls

Pittsburgh, March 21 - Curative Health Services, Inc. entered into an amendment to its forbearance agreement with General Electric Capital Corp. that gives it until March 28 to file for Chapter 11 bankruptcy, according to an 8-K filing with the Securities and Exchange Commission.

The previous filing deadline was March 15.

In addition, the amendment extended the date by which the company must confirm its Chapter 11 cases to June 30 from June 1.

Under the forbearance agreement, GE Capital and other lenders will not exercise remedies on account of the cross-default under the company's credit agreement arising from its failure to make a Nov. 1 interest payment on its 10¾% senior notes due 2011 before the lapse of a 30-day grace period.

On Dec. 2, the ad hoc committee representing about 80% of the senior noteholders signed an agreement to support a consensual financial restructuring of the company by means of a prepackaged Chapter 11 plan of reorganization.

Curative Health Services is a Hauppauge, N.Y.-based specialty pharmacy services and specialty health care services provider to patients with chronic and serious medical conditions.

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