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Exhibit 99.1
[CORAM HEALTHCARE LOGO]
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT:
DECEMBER 22, 2000 KURT DAVIS, 303-672-8830
REORGANIZATION PLAN NOT APPROVED
DENVER--DECEMBER 22, 2000--Coram Healthcare Corporation (OTCBB:CRHEQ) and
Coram, Inc., collectively referred to as Coram or the Company, today announced
that the Company's plan of reorganization was not approved yesterday by Judge
Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware.
Coram filed voluntary petitions with the U.S. Bankruptcy Court for the District
of Delaware under Chapter 11 of the U.S. Bankruptcy Code on August 8, 2000 with
the support of the lenders holding the Company's principal debt. The Company's
operating subsidiaries have maintained normal patient services and business
operations and positive cash flow and have paid trade creditors currently.
Coram sought voluntary Chapter 11 bankruptcy protection based upon its inability
to repay $251 million in debt due or redeemable in May 2001 and upon the need to
remain in compliance with the physician ownership and referral provisions of the
Omnibus Budget Reconciliation Act of 1993, commonly known as "Stark II." Despite
positive cash flow and improved results from operations, the Company's
three-year average balance sheet equity is expected, in the first quarter of
2001, to fall below the level that Stark II requires to satisfy the exception
for ownership of stock in publicly-traded companies by referring physicians or
their family members. While there can be no assurances, the Company is pursuing
all available options to remain compliant with Stark II.
Denver-based Coram Healthcare, through its subsidiaries, including all branch
offices, is a national leader in providing quality home infusion therapies and
support for clinical trials, medical product development and medical
informatics.
NOTE: EXCEPT FOR HISTORICAL INFORMATION, ALL OTHER STATEMENTS IN THIS PRESS
RELEASE ARE "FORWARD-LOOKING" WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. THE COMPANY'S ACTUAL RESULTS MAY VARY MATERIALLY
FROM THESE FORWARD-LOOKING STATEMENTS DUE TO IMPORTANT RISK FACTORS INCLUDING
THE COMPANY'S LACK OF PROFITABILITY; UNCERTAINTIES ASSOCIATED WITH THE OUTCOMES
OF CERTAIN PENDING LEGAL PROCEEDINGS, INCLUDING THE BANKRUPTCY; THE COMPANY'S
SIGNIFICANT LEVEL OF OUTSTANDING INDEBTEDNESS; THE COMPANY'S ABILITY TO COMPLY
WITH CERTAIN GOVERNMENT REGULATIONS; THE COMPANY'S NEED TO OBTAIN ADDITIONAL
FINANCING OR EQUITY; THE COMPANY'S LIMITED LIQUIDITY; AND THE COMPANY'S
DEPENDENCE UPON RELATIONSHIPS AND PRICES PAID BY THIRD-PARTY PAYORS FOR THE
COMPANY'S SERVICES; AND CERTAIN OTHER FACTORS. CERTAIN RISK FACTORS ARE
DESCRIBED IN GREATER DETAIL IN THE COMPANY'S FORM 10-K ANNUAL REPORT AND 10-Q
QUARTERLY REPORTS AND 8-K CURRENT REPORTS ON FILE WITH THE SECURITIES AND
EXCHANGE COMMISSION.
