Sun Healthcare sheds unprofitable subsidiary.Sun Healthcare Group has sold the bulk of its SunChoice Medical Supply subsidiary to Medline Industries Inc., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in Mundlein, Ill. Medline is expected pay Sun $6 million in cash on closing, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a filing with the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . The deal is subject to court approval. Medline has also agreed to pay Sun an estimated $7.8 million for inventory and $6.3 million for accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Abuquerque-based Sun Healthcare, which entered Chapter 11 bankruptcy protection in 1999, said that SunChoice had been losing up to $ 300K a month. |
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