Business Services Industry
Advocat Inc. Files Form 10-K
Business Wire, April 5, 1999
FRANKLIN, Tenn.--(BUSINESS WIRE)--April 5, 1999--Advocat Inc. (NYSE:AVC) announced it filed Form 10-K for the year ended December 31, 1998 with the Securities and Exchange Commission on April 2, 1999.
The Company's filing of the Form 10-K for the year ended December 31, 1998 was delayed pending (1) a commitment letter from a financial institution regarding the refinancing of a portion of a promissory note on a long-term basis, and (2) a waiver from its lenders regarding the violation of certain debt covenants. These documents were received by the Company on April 1, 1999.
As of December 31, 1998, Advocat Inc. operated 115 facilities with 11, 937 beds of which 52 were assisted living with 4,755 beds and 63 were skilled nursing facilities containing 7,182 licensed beds. The Company has facilities in 11 southern states and two provinces in Canada.
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