Coastal Physician Group continues negotiations with lenders concerning outstanding indebtedness and potential financing.DURHAM Durham, town and district, England Durham, town (1991 pop. 38,105) and district, county seat of Durham, NE England, on the sides of a hill nearly encircled by the Wear River. The town's small factories produce organs and carpets. , N.C.--(BUSINESS WIRE)--March 3, 1997--Coastal Physician Group, Inc. (NYSE NYSE See: New York Stock Exchange :DR) today announced that the Company's outstanding indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. of approximately $78 million matured effective Feb. 28, 1997. The company has not paid the amount due. Coastal reported that progress is being made in negotiations with its existing lenders. Active discussions continued through the weekend on a possible extension of the maturity date of the outstanding indebtedness beyond July July: see month. 1, 1997 and on additional financing. The Company also stated that its discussions with another lender regarding Coastal's financing needs have progressed. However, there can be no assurance that additional funds will be provided by either the existing lenders or an alternate financing source. 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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