HealthSouth woes could lead to bankruptcy
Ambulatory Safety Monitor, April 2, 2003
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HealthSouth Corporation, the owner of 1,700 outpatient surgery, rehabilitation, and diagnostic imaging facilities, has postponed its annual shareholder meeting because it's unsure of the company's worth, according to the Associated Press (AP) on April 2.
The announcement from HealthSouth created speculation that the company could be on the verge of declaring bankruptcy, according to the AP. An action by J.P. Morgan Chase Bank to block HealthSouth from making its bond and interest payments added to it.
The company's executive ranks have been in turmoil over the past weeks because of a government lawsuit alleging that the company manipulated its earnings reports to meet Wall Street expectations. On April 1, the company's directors voted to fire chief executive officer, Richard Scrushy. Three other executives have already pled guilty to fraud charges.
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