SAN DIEGO (December 21, 2015) Millennium Health announced today that it has completed the steps necessary to implement its financial restructuring and emerged from its chapter 11 reorganization on December 18, 2015, less than forty (40) days after it filed its prepackaged chapter 11 cases on November 10, 2015.
“This is an exciting day for Millennium. We have officially completed our financial restructuring and we emerge as a stronger company with substantially less debt, new ownership, and a more efficient corporate structure. The restructuring provides a much improved balance sheet, greater liquidity and allows the company to put more of the cash it generates toward future growth and success of the business. There remains much uncertainty in our industry, but these changes will afford us the greatest opportunity to be a successful organization for years to come. The Court characterized this process as a ‘fresh start’ for Millennium, and we embrace that opportunity,” said Chief Executive Officer Brock Hardaway.
“The fact we were able to complete the restructuring process in just over a month is a testament to the hard work, loyalty and support of many groups to whom I’d like to extend my gratitude on behalf of the Company,” said Hardaway. “First, I’d like to thank our employees for their dedication, effort and perseverance through this process. I would also like to thank our customers and suppliers for their unwavering support. Finally, I would like to express my appreciation for the professionalism and commitment of our existing lenders, current equity holders and our legal and financial advisors. Their collective efforts were crucial to the successful completion of this process.”
On December 18, 2015, the U.S. Bankruptcy Court for the District of Delaware confirmed Millennium Health’s Plan of Reorganization.
Millennium Health is represented by Skadden Arps Slate Meagher & Flom.
About Millennium Health
Millennium Health is a leading health solutions company that aims to get more from medicines by delivering accurate, timely, clinically actionable information to inform treatment decisions. The company believes that everyone has the right to the safest and most effective treatments, and aims to deliver on that idea by providing clinicians and payers with personalized medication intelligence through our comprehensive suite of services, including Millennium PGTSM, Millennium UDTSM and Millennium OFTSM, which can be used to better tailor patient care. More information can be found at www.millenniumhealth.com.
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