Companies in the News
Caretenders considers name change
Caretenders (Louisville, KY) said last week that it will possibly change its name to Almost Family. Shareholders will be asked to vote on the name change at Caretenders’ annual meeting later this month, the company said.
Chairman/CEO William Yarmuth said the proposed name change reflects the company’s recently announced decision to move away from its home healthcare business to concentrate on its adult day care operations, reported the Courier-Journal of Louisville.
Caretenders said in November that it had sold its medical products division and that it would get out of the home care business by possibly selling the division or shutting down the operations.
Coram no longer meets NYSE requirements
Coram Healthcare (Denver) was notified by the New York Stock Exchange that it may be delisted from the exchange. Coram, NYSE said, no longer meets its listing requirement of, at minimum, a stock price of $1 per share, market capitalization of $50 million, and stockholders’ equity of $50 million.
GF files for Chapter 11 protection
Graham-Field Health Products (GF; Bay Shore, NY) has filed for Chapter 11 bankruptcy protection. The company listed more than $201 million in debts and $182 million in assets in its petition, filed in United States Bankruptcy Court in Wilmington, DE. GF Chairman Thomas Opladen said that the filing "will have no effect on our ability to manufacture or distribute our products.'' GF has arranged more than $38 million in financing to bankroll its Chapter 11 reorganization, the company said.
In addition, GF appointed David Hilton president/CEO. Hilton replaces John McGregor, who resigned along with CFO Robert Gluck.
GF settled a securities class-action lawsuit earlier this year for $20 million. Under the settlement, $10 million will be paid by an insurance carrier, while GF will pay the rest. Effective Jan. 4, GF began trading under the symbol GFIHQ instead of its former symbol, GFIH.
Infu-Tech sees possibilities for its new Web site
Infu-Tech (Carlstadt, NJ) Chairman/CEO Jack Rosen said last week that innovations like the company’s new Web site, www.Smartmeds.com, will reduce the possibility of medical errors like those cited in recent government reports. Infu-Tech is in the process of incorporating programs on its new site that will feature interactive, on-line disease management programs, password-protected patient records, medical news, and expert advice from medical professionals.