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MillenniumHealth Withdraws Bid for Drkoop.com
Reston, Va.-based MillenniumHealth Communications Inc.
announced
yesterday that it was dropping its recent bid to merge with
the ailing
health information provider Drkoop.com after the two
companies failed
to agree on terms, according to The Washington Post. In
April, Drkoop.com
announced it would only last five months on its cash
reserves. On
July 21, MillenniumHealth, a privately held provider of
medical news
and information, announced it had offered to merge with
Drkoop.com
Inc., the health-oriented Web site founded by former surgeon
general
C. Everett Koop. The offer would have rescued the Austin,
Texas-based
Drkoop.com from its financial slump. 'We're very
disappointed…that
we couldn't bring the two companies together,' said
MillenniumHealth's
Chairman and Chief Executive William P. Danielczyk. 'I wish
them all
the best. They need some help.' Last week, California-based
Undertherapy.com
also offered publicly to purchase the struggling company.
Foamex Reaches Agreement with Bank of Nova Scotia
Foamex International Inc. announced yesterday that it
reached an agreement
with The Bank of Nova Scotia relating to the shares of
Foamex common
stock pledged to the bank by an affiliate of Trace
International Holdings
Inc., which is in bankruptcy, according to a newswire
report. The
agreement provides for a transfer of the Foamex shares
pledged to
the bank, which avoids triggering the 'change of control'
provisions
in the Foamex subsidiaries' credit agreements and the
indentures for
their public debt. If approved by the U.S. Bankruptcy Court
for the
Southern District of New York, under the agreement the bank
will become
the owner of less than 25 percent of the outstanding shares
of Foamex
common stock. Foamex, headquartered in Linwood, Pa.,
produces comfort
cushioning for the bedding, furniture, carpet cushioning and
automotive
markets.
Loewen Struggles to Rebound, Takes Another Loss
Funeral home operator Loewen Group Inc., which has been
struggling
to rebound from bankruptcy, posted another loss for the
second quarter
on yesterday, pointing to a slow market in the funeral
services business,
according to a Reuters report. The Vancouver, B.C., company
reported
a net loss of $76.3 million, or $1.06 a share, for the
quarter ended
June 30. Chairman John Lacey said the company was making
progress
in its reorganization effort, and that the red ink in the
second quarter
reflected 'generally slow business conditions' for North
American
funeral home and cemetery operators. Loewen filed for
bankruptcy protection
in the U.S. and Canada in June 1999. Loewen won court
approval earlier
this year to sell up to 371 of its nearly 1,300 funeral
homes and
cemeteries as part of its reorganization plan.
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