Coastal Physician Group completes sale of its News Jersey clinic operations to the Valley Hospital.DURHAM, N.C.--(BUSINESS WIRE)--Dec. 3, 1996--Coastal Physician Group Inc. (NYSE NYSE See: New York Stock Exchange : DR), announced the completion of the previously announced sale of HealthNet, its New Jersey-based clinic operations, to the Valley Care Corp., the parent of The Valley Hospital. Coastal is realizing approximately $9.0 million in cash proceeds from the transaction, which are being used to reduce bank indebtedness. This is the third asset sale consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. in conjunction with the Company's 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). program, which has generated more than $35 million in order to meet Coastal's $40 million debt obligation due in January 1997. HealthNet employs 32 physicians at the group's nine primary care sites in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and New Jersey. The Valley Hospital, based in Ridgewood, N.J., is a 421-bed acute care facility serving the residents of northern New Jersey. Coastal Physician Group Inc. is a diversified diversified (di·verˑ·s physician management company providing 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. Robert P. Borchert, 919/383-0355 |
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