After eliminating nearly $300 million of its debts in 2010 InSight Health Services Holdings Corp. has emerged from bankruptcy protection.

The Lake Forest-based company was able to pay down enough of its debt to emerge earlier than expected. According to Chief Executive Kip Hallman, the company is expected to soon be "effectively debt-free, which is a really nice place to be." However, this isn't the first time that the company filed for bankruptcy. Back in 2007 InSight filed for bankruptcy and again last December despite operating in over 30 states and bringing in a yearly revenue of $2 million.

InSight is now owned by Black Diamond Capital Management LLC that has more than $5 billion in assets. It will also rely on a $17.5 million line of credit from Healthcare Finance Group LLC to use for working capital.

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