Insight, analysis & opinion from Joe Paduda
Fielded several calls and emails yesterday re the Moody’s credit review of One Call…while always (ok, mostly) happy to talk, rather than answering the same questions multiple times I’ll lay my thoughts out here. These are in no particular order… … Continue reading One Call’s credit rating – nerd alert
Read More...Since its last-minute recapitalization three years ago, things have been quiet on the financial front for One Call. That changed yesterday; credit rating firm Moody’s released the results of a credit review – which were not good. [you can access the review … Continue reading The latest on One Call
Read More...One Call’s new owners just announced the hiring of Tom Warsop as the company’s new CEO, replacing Rone Baldwin. Warsop, most recently CEO of TPA York Risk Services, will be the 4th CEO of OneCall since the company was formed … Continue reading The One Call Overhaul, Part 1
Read More...One Call’s got a cash injection and reduced its debt burden (so the company doesn’t spend most/all its earnings on interest payments). Congratulations to the debt holders for coming up with a very creative solution – and for doing a … Continue reading What’s next for One Call.
Read More...Late this afternoon Standard and Poor’s downgraded One Call from CCC to CC. According to S&P: An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a default has not yet occurred but S&P … Continue reading Quick update on One Call
Read More...Three days ago One Call failed to make a $15 million payment to some of its bond holders. Last night I asked the company for a comment; the company responded saying they “…chose to take advantage of an available 30-day … Continue reading One Call missed a debt payment. What’s next?
Read More...Debtwire reported (subscription required) yesterday that multiple sources indicated work comp medical services firm One Call has retained Centerview Partners “as liquidity tightens, covenant hurdles loom.” Centerview, an investment bank with extensive experience in the workers’ comp service industry, will … Continue reading One Call reportedly retains investment bank
Read More...Reports from multiple sources indicate OCCM has just announced a significant “reduction in force” – i.e. a staff layoff. While this is by no means OCCM’s first staff reduction, initial indications are it is not a small one. Internal sources … Continue reading One Call is shrinking
Read More...Workers comp managed care company One Call reportedly “clinched a deal” to rework its debt late Wednesday, a quick recovery from a previous debt offering that was cancelled (thanks to Bloomberg’s Katherine Doherty for her reporting on this.) While the company … Continue reading One Call – the latest.
Read More...Word just in that One Call Care Management has “cancelled a bond exchange intended to rework its $2 billion debt load”. According to Bloomberg, OCCM won’t pursue the debt swap. The swap would have allowed holders of the current second-lien … Continue reading One Call withdraws it’s debt exchange offer
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