It is beginning to look like Harvard Pilgrim Health Care Inc. might be issuing bonds after all.

Just one month after Massachusetts officials put the failing HMO into state receivership, a possible plan has surfaced that would have HPHC deferring some, or all, of its estimated $265 million hospital debt through a private placement of distressed subordinated notes. It has also been reported that the transaction could contain some sort of lease-backed feature similar to the structure of the company's failed $119 million offering earlier in the year.

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