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Exhibit 99.1
[Logo of Vencor, Inc. appears here]
CONTACT: Richard A. Schweinhart
Senior Vice President and Chief Financial Officer
(502) 596-7379
Richard A. Lechleiter
Vice President of Finance,
Corporate Controller and Treasurer
(502) 596-7734
Susan E. Moss
Vice President of Corporate Communications
(502) 596-7296
BANKRUPTCY COURT APPROVES ADEQUACY OF VENCOR'S
DISCLOSURE MATERIALS
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Vencor to begin soliciting acceptances of fourth amended plan of reorganization
Louisville, KY (December 15, 2000). Vencor, Inc., (the "Company")
today announced that the United States Bankruptcy Court for the District of
Delaware (the "Court") has approved the adequacy of the information contained in
the Company's fourth amended disclosure statement and the short-form of the
fourth amended disclosure statement (collectively, the "Disclosure Materials").
The Company intends to distribute the Disclosure Materials on or before December
29 to solicit approval of the Company's fourth amended plan of reorganization
filed with the Court on December 14 (the "Amended Plan").
The Court has established November 30, 2000 as the record date for
determining parties entitled to vote on the Amended Plan and has approved the
voting, balloting and solicitation procedures for the Amended Plan. In
addition, the Court has scheduled a confirmation hearing on the Amended Plan for
March 1, 2001.
The Amended Plan and the related Disclosure Materials represent the
Company's best efforts to embody understandings that it has reached with all of
its major creditor constituencies. All parties have reserved their right to
determine whether or not they will vote for the Amended Plan.
In addition to the factors noted below, the confirmation and
consummation of the Amended Plan are subject to a number of material conditions
including, without limitation, the receipt of the requisite acceptances from
various creditor classes to confirm the Amended Plan and the Court's
determination that the Amended Plan satisfies the statutory requirements for
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confirmation under the bankruptcy code. There can be no assurance that the
Amended Plan as submitted will be confirmed or consummated.
Vencor and its subsidiaries filed voluntary petitions for
reorganization under Chapter 11 with the Court on September 13, 1999.
Vencor, Inc. is a national provider of long-term healthcare services
primarily operating nursing centers and hospitals.
Certain statements contained herein, including, but not limited to,
statements containing words such as "anticipate," "believe," "plan," "estimate,"
"expect," "intend," "may" and similar expressions are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are inherently uncertain, and stockholders must
recognize that actual results may differ materially from the Company's
expectations as a result of a variety of factors, including, without limitation,
those discussed below. Such forward-looking statements are based on
management's current expectations and include known and unknown risks,
uncertainties and other factors, many of which the Company is unable to predict
or control, that may cause the Company's actual results or performance to differ
materially from any future results or performance expressed or implied by such
forward-looking statements. These statements involve risks, uncertainties and
other factors detailed from time to time in the Company's filings with the
Securities and Exchange Commission. Factors that may affect the plans or
results of the Company include, without limitation, the ability of the Company
to continue as a going concern; the delays or the inability to complete and/or
consummate the Company's Amended Plan; the ability of the Company to operate
pursuant to the terms of its debtor-in-possession financing; the Company's
ability to satisfy the conditions to effectuate a restated debtor-in-possession
financing; the ability of the Company to operate successfully under the Chapter
11 cases; risks associated with operating a business in Chapter 11; adverse
actions which may be taken by creditors and the outcome of various bankruptcy
proceedings; adverse developments with respect to the Company's liquidity or
results of operations; the Company's ability to attract patients given its
current financial position; the ability of the Company to attract and retain key
executives and other personnel; the effects of healthcare reform and legislation
on the Company's business strategy and operations; the Company's ability to
control costs, including labor costs in response to the prospective payment
system, implementation of its Corporate Integrity Agreement and other regulatory
actions; adverse developments with respect to the Company's settlement
discussions with the United States government concerning ongoing investigations;
and the dramatic increase in the costs of defending and insuring against alleged
patient care liability claims. Many of these factors are beyond the control of
the Company and its management. The Company cautions investors that any
forward-looking statements made by the Company are not guarantees of future
performance. The Company disclaims any obligation to update any such factors or
to announce publicly the results of any revisions to any of the forward-looking
statements to reflect future events or developments.
