U.S. Bankruptcy Judge K. Rodney May has granted a request to authorize a Chapter 11 trustee to take control of Universal Health Care Group.
The St. Petersburg health care holding company was ordered to preserve its financial documents and turn them over to the trustee who will manage the business.
The appointment of a trustee gives an outsider control of business operations, including proposing a reorganization plan, and removes the debtor from management.
A trustee appointment is made when allegations…
U.S. Bankruptcy Judge K. Rodney May has granted a request to authorize a Chapter 11 trustee to take control of Universal Health Care Group.
The St. Petersburg health care holding company was ordered to preserve its financial documents and turn them over to the trustee who will manage the business.
The appointment of a trustee gives an outsider control of business operations, including proposing a reorganization plan, and removes the debtor from management.
A trustee appointment is made when allegations…