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MedCorp continues operations in receivership


August 25. 2013 8:51AM
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TOLEDO — One of Lima’s two private ambulance companies will continuing operating as usual, even as it works through receivership after defaulting on a loan.



MedCorp, based in Toledo, is being run by a court-appointed receiver after Huntington Bank sued the company this week in Lucas County Common Pleas Court.



Receivership is not bankruptcy; it is a court process by which a trustee helps the company reorganize and pay its debts.



The company operates ambulance services in Ohio, Indiana, Kentucky and Michigan. It employs about 30 people in Lima, MedCorp CEO Fred Isch said.



“There are no plans to cease operations anywhere,” Isch said. “No layoffs scheduled, no changes at all. Nothing is worth much money at an auction. It’s in the best interest of the bank and court to keep things moving forward.”



MedCorp had borrowed $11 million from Huntington, and the bank sought a larger lump sum repayment, which the company did not have, Isch said.



MedCorp disagrees with Huntington about some of the terms of the loan and agrees with others, Isch said.



MedCorp, along with Lima Allen County Paramedics, has worked with the Lima Fire Department on new city regulations for ambulance providers as the city entered the emergency transport business.



It lobbied for a moratorium on certain requirements for providers; City Council approved and extended that moratorium, which expires in November.





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