CCS Medical Receives Court Approval of All "First Day" Motions
Court Grants Interim Approval of $10 Million of Debtor-in-Possession Financing
Authorizes Continued Payment of Employee Wages and Benefits
Operations to Continue in the Normal Course of Business
CLEARWATER, Fla.--(Business Wire)--
CCS Medical, a leading direct-to-consumer provider of medical
supplies,todayannounced the approval by the United States Bankruptcy Court for
the District Delaware (the "Court") of all of the Company`s "first day" motions,
allowing for the continuation of normal business operations during the
restructuring process.
"As anticipated, we have been granted various approvals that help ensure our
operations will continue without interruption as we work to strengthen our
capital structure," said John Miclot, Chief Executive Officer. "The timely
approval of our first day motions is the first major step forward in our
financial restructuring. As always, CCS Medical remains focused on enhancing
patient satisfaction, and we look forward to maintaining our relationships with
our suppliers and valued customers throughout this process in order to
accomplish that goal."
The Court granted CCS Medical interim approval to access its $10 million
Debtor-in-Possession financing ("DIP") from a group of existing first lien
lenders. As previously announced, the Company believes it has ample cash on
hand, in addition to cash generated from ongoing operations, to support the
business during the restructuring process. However, the DIP financing can be
used by the Company to support the business as necessary.
The Company also announced that it received the Court`s approval to, among other
things, pay outstanding employee wages, health benefits, and certain other
employee obligations. Additionally, the Company is authorized to continue to
honor its current customer policies and programs, to ensure the restructuring
process will not affect its customers.
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 many 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.
Joele Frank, Wilkinson Brimmer Katcher
Andy Brimmer/Meaghan Repko, 212-355-4449
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