NovaCare announces plan to sell all assets.The board of directors of NovaCare, a leading provider of physical rehabilitation physical rehabilitation See Physical therapy. , occupational health and employee services, has approved a "restructuring" plan for the King of Prussia King of Prussia, industrialized suburban area (1990 pop. 18,406), Montgomery co., SE Pa. It has glass and steel fabricating, food processing, printing and publishing, and varied manufacturing (textiles, liquified petroleum gas, water-treatment and electrical , Pennsylvania-based company. The plan contemplates the sale of its outpatient physical rehabilitation and occupational health business, as well as its interest in NovaCare Employee Services. Under the plan, a shell company can then reinvest the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). subject to shareholder approval. If the company is unable, or chooses not, to reinvest in a new business, the board can liquidate the company through a distribution to shareholders. Last year, NovaCare sold its long term care contract rehabilitation business to Chance Murphy, a new company affiliated with Integrated Health Services health services Managed care The benefits covered under a health contract |
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