On November 10, 2015, Millennium Health, LLC and certain of its affiliates ("Millennium" or the “Debtors”) filed Chapter 11 petitions in the Bankruptcy Court for the District of Delaware in order to effectuate a restructuring through a plan of reorganization. The purposes of the restructuring were to implement (i) a settlement among Millennium, its prepetition lenders, and its equity holders, (ii) a settlement with the United States in connection with various disputes related to, among other things, Medicare overbilling issues, (iii) a recapitalization of Millennium, and (iv) a transfer of 100% of the then-existing equity of Millennium to the prepetition lenders.
On December 14, 2015, the Bankruptcy Court confirmed the Debtors' Amended Prepackaged Joint Plan of Reorganization (the “Plan”), effective on December 18, 2015. The “Equity Transfer Date” under the Plan was December 21, 2015, the same day the Trusts were established pursuant to the terms of the Plan and the relevant trust agreements. The relevant trust agreements are the Millennium Corporate Trust Agreement and the Millennium Lender Trust Agreement (in the aggregate called the “Trusts”).
The primary purpose of the Trusts is to liquidate certain assets on behalf of the Trusts’ beneficiaries. The assets of the Corporate Claim Trust include any and all claims belonging to Millennium or the Administrative Agent under the prepetition credit agreement against third parties that were not “Released Parties” under the Plan. The assets of the Lender Claim Trust include any and all claims belonging to prepetition lenders who voted in favor of the Plan against third parties that were not “Released Parties” under the Plan. All prepetition lenders are beneficiaries of the Corporate Claim Trust, but only prepetition lenders who voted in favor of the Plan are beneficiaries of the Lender Claim Trust.
Marc S. Kirschner, Senior Managing Director of Goldin Associates, LLC, has been appointed Trustee of both Trusts. Goldin Associates is a leading restructuring firm specializing in providing financial advisory and interim management, litigation support, strategic valuation, governance, independent monitoring, and fiduciary services.
Important Trust Information
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