Nate
04-27-2005, 23:22
Gold Star EMS Files for Chapter 11 Bankruptcy - Texas
Gold Star Emergency Medical Services, Incorporated announced in a press release Tuesday they filed a voluntary petition for reorganization under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The press release stresses Chapter 11 enables a company to continue to conduct business as usual while it develops a reorganization plan that will maximize recovery for the company.
Other Gold Star affiliates are not included in the filing and will continue to operate normally, the company said.
Gold Star EMS will reorganize with a focus to create improved internal cash flow. This Chapter 11 petition for restructuring supports that effort. This filing will provide an immediate source of funds to Gold Star EMS, allowing the company to operate its business normally, while focusing on a new strategic plan and strengthening its balance sheet. This additional liquidity will enable the company to satisfy customary obligations associated with eh daily operations of this business, including the timely payment of employee wages, benefits and other obligations.
KBTV-4 News has been waiting for a phone call from a Gold Star EMS spokes person for many days. Jason Boever, the Chief Operations Officer of GoldStar EMS, issued a statement to the media in Tuesday’s press release.
“Chapter 11 enables us to preserve jobs and benefits for our employees and maintain our role in providing high quality healthcare to the communities we serve,” Boever wrote. “We will use this time to regain our financial health, while continuing to focus on operating with the highest integrity. We will emerge from Chapter 11 with our competitive spirit intact.”
Gold Star EMS also says the original founders will return to assist the current management team in running the day-to-day operations.
“For seven years, our company has been recognized as an organization that provides a stable work environment and stands for values, ethics and customer dedication. We are proud of what our company represents and are committed to continuing the level of service each community expects from us,” Boever wrote.
Earlier this month, several Gold Star EMS offices in Port Arthur, Center, Livingston, Nacogdoches, Lufkin, Corpus Christi and Alice were searched by federal authorities.
When KBTV-4 News questioned Gold Star about the investigation two weeks ago, a spokesperson told us off-camera, quote, “Gold Star EMS transports about 130,000 patients a year. The Texas Department of Human Services has requested information regarding 150 patients over a seven year period. We are fully cooperating with them and all operations are still active.”
Apr 27, 2005, 10:17
KBTV-4 News
We have been keeping tabs on this situation ever since they were first busted for their bad billing and business practices. They are one of the companies that has tried to back door us, but were unable to do so due to the higer quality of patient care we deliver at my service.
Anyways, several of their medics have come looking for jobs, only to be turned away because they were not up to par. I have to say that I am sad to see people out of work, but glad to see a service that would hire poor professionals to represent them.
Hopefully their 911 operations will start to close soon.
This is only my opinon, and I speak from the fact that I have delt with them before several times. Not all of their medics are bad, just the vast majority of them.
Gold Star Emergency Medical Services, Incorporated announced in a press release Tuesday they filed a voluntary petition for reorganization under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The press release stresses Chapter 11 enables a company to continue to conduct business as usual while it develops a reorganization plan that will maximize recovery for the company.
Other Gold Star affiliates are not included in the filing and will continue to operate normally, the company said.
Gold Star EMS will reorganize with a focus to create improved internal cash flow. This Chapter 11 petition for restructuring supports that effort. This filing will provide an immediate source of funds to Gold Star EMS, allowing the company to operate its business normally, while focusing on a new strategic plan and strengthening its balance sheet. This additional liquidity will enable the company to satisfy customary obligations associated with eh daily operations of this business, including the timely payment of employee wages, benefits and other obligations.
KBTV-4 News has been waiting for a phone call from a Gold Star EMS spokes person for many days. Jason Boever, the Chief Operations Officer of GoldStar EMS, issued a statement to the media in Tuesday’s press release.
“Chapter 11 enables us to preserve jobs and benefits for our employees and maintain our role in providing high quality healthcare to the communities we serve,” Boever wrote. “We will use this time to regain our financial health, while continuing to focus on operating with the highest integrity. We will emerge from Chapter 11 with our competitive spirit intact.”
Gold Star EMS also says the original founders will return to assist the current management team in running the day-to-day operations.
“For seven years, our company has been recognized as an organization that provides a stable work environment and stands for values, ethics and customer dedication. We are proud of what our company represents and are committed to continuing the level of service each community expects from us,” Boever wrote.
Earlier this month, several Gold Star EMS offices in Port Arthur, Center, Livingston, Nacogdoches, Lufkin, Corpus Christi and Alice were searched by federal authorities.
When KBTV-4 News questioned Gold Star about the investigation two weeks ago, a spokesperson told us off-camera, quote, “Gold Star EMS transports about 130,000 patients a year. The Texas Department of Human Services has requested information regarding 150 patients over a seven year period. We are fully cooperating with them and all operations are still active.”
Apr 27, 2005, 10:17
KBTV-4 News
We have been keeping tabs on this situation ever since they were first busted for their bad billing and business practices. They are one of the companies that has tried to back door us, but were unable to do so due to the higer quality of patient care we deliver at my service.
Anyways, several of their medics have come looking for jobs, only to be turned away because they were not up to par. I have to say that I am sad to see people out of work, but glad to see a service that would hire poor professionals to represent them.
Hopefully their 911 operations will start to close soon.
This is only my opinon, and I speak from the fact that I have delt with them before several times. Not all of their medics are bad, just the vast majority of them.