Coram Reports Results of Vote on Plan of Reorganization

DENVER, Nov. 19, 2001 (PRIMEZONE) -- Coram Healthcare Corporation (OTCBB:CRHEQ) and Coram, Inc., collectively referred to as Coram, or the Company, today reported that the results of votes by creditors and shareholders on the Second Joint Plan of Reorganization ("the Plan") that is the subject of an ongoing confirmation hearing before the U.S. Bankruptcy Court for the District of Delaware in their Chapter 11 cases.

The Court-approved balloting agent, Jay Alix & Associates, reported that all classes of voting creditors voted to approve the Plan. In addition, a majority of the voting Coram Healthcare Corporation stockholders voted to approve the Plan. However, a majority of the shares voted were in opposition. Accordingly, the Plan was not approved by the stockholder class. Under the terms of the Plan, the Company will ask the Bankruptcy Court to confirm the Plan in accordance with certain provisions of the Bankruptcy Code.

Coram filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code on August 8, 2000 with the support of the lenders holding the Company's principal debt. The Company's operating subsidiaries continue to maintain normal patient services and business operations, paying trade creditors currently throughout the process.

Denver-based Coram Healthcare, through its subsidiaries, including all branch offices, is a national leader in providing quality home infusion therapies and support for clinical trials, medical product development and medical informatics.



Contact Data