Just two months after filing for personal bankruptcy, former SynCare LLC chief Stephanie DeKemper has filed for Chapter 7 bankruptcy protection for the corporation. SynCare listed assets of $125,854 and more than $5.6 million in liabilities according to papers filed with the Indianapolis Federal Bankruptcy Court.
Nearly $2 million of that debt is owed to Centene, the corporation that provided seed money DeKemper used to purchase SynCare in early 2010, reports Steve Giegerich onwww.stltoday.com. Fifth Third Bank, holding outstanding loans totaling $850,000 joins Centene as the corporation’s largest creditor. Bank of America is reportedly owed $676,964 for a letter of credit secured by Centene.
SynCare received a contract from the Missouri Department of Health and Senior Services to supervise health care services for the state’s 50,000 homebound Medicaid patients. The state terminated the agreement last autumn, barely four months after it went into effect, stating that SynCare failed to deliver the services in the agreement.
With one exception, the article states, the corporate petition parallels the personal bankruptcy papers filed on behalf of DeKemper at the end of last year. The personal bankruptcy names almost 150 SynCare employees from Missouri who are seeking back wages and reimbursement for business-related expenses. The corporate Chapter 7 bankruptcy, conversely, lists compensation owed to 13 people who had been employed at SynCare’s Indianapolis headquarters.
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