Forum’s major creditors say sale process is flawed

YOUNGSTOWN

MBIA Insurance Corp., representing Forum Health’s major secured creditors, says Forum’s proposed sale procedure is flawed and makes a “fair and reasonable” sale process impossible.

In a motion filed Monday with the U.S. Bankruptcy Court here, MBIA said there are two major problems with Forum’s sale and bidding procedures — which are the subject of a court hearing at 9:30 a.m. June 22.

MBIA asked the court to delay the hearing until June 29 to give Forum time to make the corrections that the creditors want.

First, MBIA said the concessions contained in memorandums of understanding that Ardent Health Services negotiated with Forum’s unions have to be made available to other bidders, to ensure a fair sale process.

Read more in Wednesday’s Vindicator and Vindy.com