Magellan Health obtains waiver, bondholders form committee

New York, Nov. 1 - Magellan Health Services, Inc. said it obtained an amendment to its credit agreement that waives covenants through Dec. 31, 2002.

The Columbia, Md. behavioral care company also said that holders of its senior and senior subordinated notes have formed an ad hoc committee. Houlihan Lokey Howard & Zukin Capital is financial advisor to the committee and Akin Gump Strauss Hauer & Feld is legal advisor.

Magellan Health said formation of the committee will assist negotiations on reducing the company's debt.

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