Medical Staffing Network Announces Completion of Financial Restructuring
Medical Staffing Network Announces Completion of Financial Restructuring and Emergence from Bankruptcy Protection
Medical Staffing Network Healthcare, one of the largest healthcare staffing companies in the U.S., announced today that it has successfully emerged from protection under Chapter 11 of the United States Bankruptcy Code, fewer than three months following its filing on July 2, 2010.
The measures taken by Medical Staffing Network (MSN) to voluntarily restructure its capital and debt through the Chapter 11 process have allowed the Company to emerge as a stronger and more financially competitive company, better poised to meet the changing marketplace within the temporary and permanent healthcare staffing industry.
This is a very important day for our company, clients and healthcare professionals, and I would like to thank our lenders for their support in finalizing a GE Capital-led credit facility, stated Robert Adamson, Chairman and Chief Executive Officer. The challenges and needs of our clients and our healthcare professionals have changed dramatically in response to the economic environment over the last two years. We, as a company, can now operate from a more solid foundation, offering more flexible service options for our clients and better job opportunities to our healthcare professionals. We are now better poised to take advantage of servicing the many niche markets, thereby growing our business and simultaneously diversifying our portfolio.
Adamson continued, I am extremely proud of all of our employees who, through their dedication and hard work during the last three months, enabled our business to operate uninterrupted. It is with this kind of commitment that we can expect our business to withstand and grow in these challenging times.