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LifeCare Holdings, Inc. Announces Year-end Results
Date:3/28/2008

r non- compliance with the financial covenants tested as of September 30, 2007, was received by our parent company from affiliates of The Carlyle Group, on November 14, 2007. Our parent company in turn contributed these funds to the capital of the Company through certain intermediate subsidiaries. As a result of the exercise of this cure, we were deemed to have met the financial covenants contained in our senior secured credit facility as of September 30, 2007.

On December 6, 2007, we entered into Amendment No. 2 to the Company's senior secured credit facility ("Amendment No. 2"), which modified certain financial covenants starting for the period ending December 31, 2007, further increased the spread on the variable interest rate, and reduced the revolving credit facility to $60 million from $75 million. Additionally, Amendment No. 2 designated up to two additional cure rights that can be exercised at any time during the term of the loan, provided that for quarters ending on or after June 30, 2008, the leverage ratio, as defined in the credit agreement, on the last day of such fiscal quarter is not more than 0.50 to 1.00 above the leverage ratio requirement for such quarter. Based upon amounts outstanding under the senior secured credit facility and the applicable margins at the time of the amendment, we estimated that the increase in the spread on the variable interest rate would result in additional annual interest expense of approximately $2.5 million. This is in addition to the estimated increase in interest expense pursuant to Amendment No. 1.

We may not able to continue to satisfy the covenant requirements in subsequent periods. If we are unable to maintain compliance with the covenants contained in our senior secured credit facility, an event of default would occur. During the continuation of an event of default, the lenders under the senior secured credit facility are entitled to take various actions, including accelerating amounts due under th
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SOURCE LifeCare Holdings, Inc.
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