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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 13, 2000
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VENCOR, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-14057 61-1323993
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
One Vencor Place
680 South Fourth Street
Louisville, Kentucky
(Address of principal executive offices)
40202-2412
(Zip Code)
Registrant's telephone number, including area code: (502) 596-7300
Not Applicable
(Former name or former address, if changed since last report.)
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Items 1-4. Not Applicable.
Item 5. Other Events.
Vencor, Inc. (the "Company") has announced that it has agreed with its
lenders to amend (the "Amendment") the Company's debtor-in-possession financing
(the "DIP Financing") primarily to revise a financial covenant regarding the
Company's minimum net amount of accounts receivable. As previously reported,
the Company was not in compliance with this accounts receivable covenant at
December 31, 1999. In the Amendment, the lenders also waived all events of
default regarding this accounts receivable covenant that occurred prior to the
date of the Amendment. As of April 12, 2000, the Company had no outstanding
borrowings under the DIP Financing.
Vencor and its subsidiaries filed voluntary petitions for protection under
Chapter 11 with the United States Bankruptcy Court for the District of Delaware
on September 13, 1999.
Vencor, Inc. is a national provider of long-term healthcare services
primarily operating nursing centers and hospitals.
A copy of the press release is included as an exhibit to this filing and is
incorporated herein by reference.
Certain statements set forth above, including, but not limited to,
statements containing the words "anticipates," "believes," "expects," "intends,"
"will," "may" and similar words constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. 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. Such
factors may 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 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; 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. The
Company cautions investors that any forward-looking statements made by the
Company are not guarantees of future performance. The Company
2
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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.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
Exhibit 99.1 Press Release dated April 13, 2000.
Items 8-9. Not Applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VENCOR, INC.
Dated: April 13, 2000 By: /s/ Richard A. Lechleiter
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Richard A. Lechleiter
Vice President, Finance,
Corporate Controller and
Treasurer
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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 ANNOUNCES AMENDMENT TO ITS
DEBTOR-IN-POSSSESION FINANCING
Louisville, KY (April 13, 2000) --- Vencor, Inc. (the "Company") today
announced that it has agreed with its lenders to amend (the "Amendment") the
Company's debtor-in-possession financing (the "DIP Financing") primarily to
revise a financial covenant regarding the Company's minimum net amount of
accounts receivable. As previously reported, the Company was not in compliance
with this accounts receivable covenant at December 31, 1999. In the Amendment,
the lenders also waived all events of default regarding this accounts receivable
covenant that occurred prior to the date of the Amendment. As of April 12,
2000, the Company had no outstanding borrowings under the DIP Financing.
Vencor and its subsidiaries filed voluntary petitions for protection under
Chapter 11 with the United States Bankruptcy Court for the District of Delaware
on September 13, 1999.
Vencor, Inc. is a national provider of long-term healthcare services
primarily operating nursing centers and hospitals.
Certain statements set forth above, including, but not limited to,
statements containing the words "anticipates," "believes," "expects," "intends,"
"will," "may" and similar words constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. 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. Such
factors may 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 ability of the Company to operate successfully under
the Chapter 11 cases; risks associated with operating a
<PAGE>
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;
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. 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.
