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National Century Files For Bankruptcy Protection
November 19, 2002

A medical financing company says it can recover three-quarters of its more than $4 billion in debt by collecting unpaid insurance claims and using other assets.

National Century Financial Enterprises filed for Chapter Eleven bankruptcy protection yesterday. FBI agents searched its suburban Columbus offices over the weekend and took files and computers.

National Century serves as a middleman for hospitals and other health care providers so they can avoid waiting months for payments from insurance companies or Medicare and Medicaid.

A bankruptcy judge in Columbus Monday ruled the company may continue collecting claim payments during bankruptcy.

Company founder Lance Poulsen resigned as chairman and chief executive last week.

Associated Press and Dispatch Productions, Inc., 2002. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

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