Jobson Announces Amendment and Extension of Credit Facility
| February 6, 2012 12:25 AM |
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NEW YORK—Jobson Medical Information Holdings LLC (JMIH) and its affiliated subsidiaries, including the Jobson Optical Group, announced that it has reached an agreement with the majority of its lenders to amend and extend its credit facility and strengthen its balance sheet.
Jeff MacDonald, CEO, said: "This credit agreement will provide us with the flexibility needed to continue our growth. JMIH is a very strong and profitable business and will continue to operate at the same high level of quality and reliability to which our customers, vendors and employees have become accustomed."
The company is implementing the credit amendment through a "pre-packaged" Chapter 11 plan that has already been approved by the requisite number of lenders and was filed in New York earlier today. "We are delighted to have the support of the majority of our lenders and the ability to use this fast-track process to implement our balance sheet improvement," added MacDonald.
JMIH is a premier healthcare information, communication and education provider, with leading positions in a variety of healthcare segments such as eyecare, pharmacy, clinician (physicians, nurse practitioners and physician assistants) and the managed markets (managed care, eldercare, hospitals, government and employer groups).
The company said it expects to complete the process and emerge from the pre-packaged Chapter 11 in approximately 30 to 40 days.
Marc Ferrara, CEO of the Information Services division of JMIH, added, “JMIH and the Jobson Optical Group are strong and profitable. Vision Monday, 20/20, Review of Optometry, Review of Ophthalmology, Frames Data, Jobson Interactive, Practice Advancement Associates and all of our businesses will continue to operate as usual through this brief process. There will be no changes to our products, services and staff.”