Coastal Physician Group, Inc. Issues Formal Statement.DURHAM, N.C.--(BUSINESS WIRE)--April 1, 1996--Coastal Physician Group, Inc. (NYSE NYSE See: New York Stock Exchange :DR) today announced that, primarily as a result of operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. incurred in the fourth quarter of 1995 and anticipated continuing losses, the Company recently determined it will need additional financing to meet its cash requirements for the balance of 1996. While the Company believes its current cash needs will be met through normal operations Generally and collectively, the broad functions that a combatant commander undertakes when assigned responsibility for a given geographic or functional area. Except as otherwise qualified in certain unified command plan paragraphs that relate to particular commands, "normal operations" of , Coastal has initiated the following actions to address its future financing requirements. -- The Company's continuing discussions with its lenders have resulted in a proposal from the lenders to restructure Coastal's Senior Credit Facility and provide funding to meet the Company's anticipated working capital needs. -- Coastal is exploring several alternative sources of financing while continuing to evaluate and discuss the proposal received from its existing lenders. -- The Company has engaged Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. Incorporated to
assist the Company in designing and executing a strategic plan to refine
Coastal's business focus, which may include the possible
divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). or spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of one or more of the Company's business
units, or the sale of debt or equity securities by Coastal or its
subsidiaries.
Coastal will release its operating results for the fourth quarter and year ended December 31, 1995, after 4:00 p.m. E.S.T. today. Coastal Physician Group, Inc. is one of the largest publicly traded physician management companies in the U.S. and provides a broad range of health care and administrative services to physicians, hospitals, employers, managed care programs and other health care providers. CONTACT: Coastal Physician Group, Inc., Durham Robert P. Borchert, 919/383-0355 |
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