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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, Finance,
Corporate Controller and Treasurer
(502) 596-7734
VENCOR RECEIVES COURT APPROVAL TO EXTEND MATURITY
OF ITS DEBTOR-IN-POSSESSION FINANCING
Louisville, KY (September 22, 2000) ---Vencor, Inc. (the "Company") today
announced that the United States Bankruptcy Court for the District of Delaware
(the "Court") has approved an amendment (the "Amendment") to the Company's
debtor-in-possession financing (the "DIP Financing") to extend its maturity
until October 31, 2000. The Amendment also revises certain covenants and
permits the Company to file its plan of reorganization through October 31, 2000.
The Court has previously extended the Company's exclusive right to file its plan
of reorganization through September 29, 2000.
The DIP Financing and existing cash flows will be used to fund the
Company's operations during its restructuring. As of September 22, 2000, the
Company had no outstanding borrowings under the DIP Financing.
The Court also approved an amendment to the previously announced commitment
letter among the Company and certain of the DIP lenders (the "Commitment
Letter") to extend the date by which Court approval must be obtained for the
Commitment Letter to be effective through October 31, 2000. Pursuant to the
Commitment Letter, certain of the DIP lenders would finance an amended and
restated debtor-in-possession credit agreement (the "Restated DIP") that would
become effective in the event the Company became involved in a legal proceeding
against Ventas, Inc. (NYSE: VTR). The consummation of the Restated DIP also
would be subject to other customary conditions contained in the Commitment
Letter. At this time, the Company has adjourned the hearing seeking approval of
the Commitment Letter and the Restated DIP in light of the status of the current
negotiations with its major constituencies to finalize a consensual plan of
reorganization.
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.
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Certain statements set forth above, 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 the
Company's plan of reorganization; the ability of the Company to operate pursuant
to the terms of the DIP Financing; the Company's ability to satisfy the
conditions to effectuate the Restated DIP; 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 Department of Justice
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.
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