InSight Seeks To Cut Debt By $290M In New Ch. 11

Law360, New York (December 13, 2010, 5:39 PM EST) -- Diagnostic imaging services provider InSight Health Services Holdings Corp. has filed its second Chapter 11 in four years, with a prepackaged plan to erase more than $290 million in debt in exchange for giving lenders equity in the reorganized company.

The company filed its latest bankruptcy petition Friday in the U.S. Bankruptcy Court for the Southern District of New York after reaching an agreement in principle with the holders of a majority of its notes earlier this month.

The petition listed $140.1 million in assets and...
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