Charlotte, N.C.-based MedCath plans to file a proxy with the Securities and Exchange Commission to request stockholder approval to authorize the board to dissolve MedCath, sell its remaining assets without further approval and distribute available net proceeds to stockholders, according to a MedCath news release.
According to the release, MedCath will incur wind-down expenses and expenses related to the strategic options process. In the wind-down process, MedCath will need to reserve funds for known and unknown contingent liabilities and for future operating costs for any unsold assets.
MedCath plans to file the proxy during its fiscal third quarter, which ends June 30, 2011.
MedCath's announcement follows its sale of Heart Hospital of New Mexico to Albuquerque, N.M.-based Lovelace Health System; Coastal Carolina Heart to New Hanover Regional Medical Center in Wilmington, N.C.; and a majority of the assets of MedCath Partners to DLP Healthcare. MedCath also plans to sell its Arkansas Heart Hospital to AR-MED.
Read the MedCath release on its planned dissolution.
Related Articles on MedCath:
MedCath to Sell Arkansas Heart Hospital
New Mexico's Lovelace Health System Buys Heart Hospital From MedCath
MedCath Sells Coastal Carolina Heart to New Hanover Regional Medical Center
According to the release, MedCath will incur wind-down expenses and expenses related to the strategic options process. In the wind-down process, MedCath will need to reserve funds for known and unknown contingent liabilities and for future operating costs for any unsold assets.
MedCath plans to file the proxy during its fiscal third quarter, which ends June 30, 2011.
MedCath's announcement follows its sale of Heart Hospital of New Mexico to Albuquerque, N.M.-based Lovelace Health System; Coastal Carolina Heart to New Hanover Regional Medical Center in Wilmington, N.C.; and a majority of the assets of MedCath Partners to DLP Healthcare. MedCath also plans to sell its Arkansas Heart Hospital to AR-MED.
Read the MedCath release on its planned dissolution.
Related Articles on MedCath:
MedCath to Sell Arkansas Heart Hospital
New Mexico's Lovelace Health System Buys Heart Hospital From MedCath
MedCath Sells Coastal Carolina Heart to New Hanover Regional Medical Center