For the fourth time since February, troubled Westworld Community Healthcare Inc. has extended the deadline for the holders of $65 million in past due bond debt to exchange their bonds for new securities.
The Lake Forest-based hospital operator said it now will give the holders of $30 million in 14.5% subordinated notes and $35 million in 14.375% subordinated debentures until May 15 to trade their bonds for new lower interest bearing securities whose holders could be paid in stock.
To date, Westworld said, $15 million in debentures and $10.8 million in notes have been tendered under the exchange offers, which Westworld has said are pivotal to its struggle to stave off bankruptcy.
According to Glenn Caster, a Westworld vice president, the company is engaged in "active discussions" with major bondholders that may result in a restructuring of the exchange offers. Caster declined, however, to elaborate on any possible changes in the bond swap.