Business Services Industry
Michigan Regulators Offer Recovery Plan for OmniCare Health Plan.
Knight Ridder/Tribune Business News, March, 2002
By Kim Norris, Detroit Free Press Knight Ridder/Tribune Business News
Mar. 15--Seven months after seizing control of OmniCare Health Plan, state regulators have submitted a long-term recovery proposal for the health-maintenance organization that provides coverage to more than 100,000 residents in southeastern Michigan.
The rehabilitation plan, filed Thursday in Ingham County Circuit Court, calls for most creditors to receive less than half of what they are owed, ends the management contract with United American Healthcare and includes provisions for possible conversion of OmniCare to for-profit status.
It also projects that OmniCare will earn $4 million this year.
"It's been demonstrated that OmniCare properly run, with the...
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