Monday, March 17, 2003

Magellan Files for Bankruptcy
March 11 Washington Post story - "Magellan Health Services Inc., the nation's largest provider of mental health care, today filed for bankruptcy in an attempt to reduce its $1.5 billion debt and rebuild a company whose stock has lost 99 percent of its value over the past year. The Columbia-based company announced that its key creditors have agreed to a restructuring plan that would reduce Magellan's debt by $500 million and pull it out of bankruptcy by fall." See also Aetna May Buy Part Of Magellan (Hartford Courant) and State: Magellan bankruptcy won't disrupt mental health services in Tennessee (Nashville Business Journal).