The company once had annual revenue of $636 million. However, changing regulations, consolidation and a heavy reliance on cardiac care — a rapidly changing business — challenged the company’s operations, according to the report.
Shareholders authorized MedCath to liquidate last September. The board of directors considered other alternatives, such as a merger or acquisition by another company, but was unable to find a buyer.
The company has sold its eight hospitals, none of which were located in Charlotte. It will distribute $6.33 per share to its stockholders, whereas shares sold for $33.07 in 2007. According to the report, stakeholders will also receive liquidation payments at $13.18 per share, according to the report.
Former CEO Ed French declined to comment, according to the report.
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