Integrated Healthcare Holdings, Santa Ana, Calif., said that an election of directors earlier this month has resolved a split between the management and its largest shareholder, enabling the company to refinance its debt. Integrateds seven-member board now includes four independent directors, representatives of the two largest shareholders and Bruce Mogel, the companys chief executive officer and a significant shareholder himself.
One of the new independent directors is Robert Jameson, a former judge who was appointed on a provisional basis in July by an Orange County (Calif.) Superior Court judge. Integrated praised Jamesons role in resolving the issues between management and Orange County Physicians Investment Network, the companys largest shareholder.
The other new independent director is Michael Metzler, who is president and CEO of the Santa Ana Chamber of Commerce and chairman of the board of one of Integrateds four hospitals. Also named to the board was William Thomas, a large shareholder and adviser to the companys second-largest shareholder, Kali Chaudhuri.
In a securities filing today, Integrated said that it had secured more than $90 million in new debt funding and a $50 million revolving line of credit. -- by Vince Galloro
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