Verity Health System of California, a nonprofit healthcare system, filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Central District of California – Los Angeles Division.
Verity has secured debtor-in-possession financing of up to $185 million. This additional liquidity will enable continued operations without interruption to high-quality patient care, employees and suppliers throughout the Chapter 11 process.
According to bankruptcy court documents, Ally Bank intends to hold the entire DIP facility on the closing date, but reserves the right to assign and grant participations in the revolving loans and revolving commitments.
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