Contact: Jim Cannon
POWELL, WYOMING, February 2nd, 2018—Powell Valley Health Care, Inc. ("PVHC") operates an acute-care hospital ("Hospital") that serves the population located near and around Powell, Wyoming. Today, the Hospital announced that the United States Bankruptcy Court for the District of Wyoming ("the Court") has confirmed the Hospital's plan of reorganization (the "Plan"). The Plan is the result of significant and substantial good-faith negotiations, compromises and restructuring agreements reached between the Hospital and various creditors and other stakeholders. The financial restructuring under the confirmed Plan is expected to significantly improve the financial flexibility and operations of the Hospital, and better position the Hospital for its continued long-term success.
"The Court's approval of the Plan paves the way for the Hospital to complete a restructuring of its financial affairs, satisfy its obligations to various stakeholders and emerge as a stronger institution," said Terry Odom, Chief Executive Officer of the Hospital. "The Hospital will emerge from this restructuring effort with the financial strength, flexibility and certainty necessary to continue our mission of providing quality medical care to the Powell community."
Ms. Odom continued, "the ability to successfully reorganize the Hospital's financial affairs and confirm the Plan is the result of the dedication and hard work of the Hospital's employees, officers and directors, and particularly its providers and staff who remained focused on the care of our patients and successful healthcare outcomes throughout this reorganization process. We thank our employees, partners and physicians for their support and look forward to continuing to work together to provide access to medical care in Powell."
The Hospital will continue to operate with its usual high standards of quality of care upon the effectiveness of the Plan. Through confirmation of its Plan, the Hospital has created the financial structure necessary for its ongoing success and viability and will have placed significant obstacles behind it.
Markus Williams Young & Zimmermann LLC is serving as reorganization counsel to the Hospital.