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CHARTER MEDICAL ANNOUNCES AGREEMENT TO SELL 10 HOSPITALS

 MACON, Ga., Aug. 9 /PRNewswire/ -- Charter Medical Corporation (AMEX: CMD) announced today that it had reached an agreement in principle to sell 10 general acute care hospitals to Quorum Health Group, Inc., for $340 million.
 Proceeds from the sale would be used by Charter to reduce senior debt. The purchase price is payable $335 million in cash and $5 million by a seven-year note.
 Closing of the sale, which is anticipated to be on or before Sept. 30, is subject to execution of a definitive agreement, satisfaction of customary closing conditions and obtaining of certain regulatory approvals.
 Mac Crawford, chairman and chief executive officer of Charter, said: "We are pleased that Charter's general hospitals will be operated by Quorum, a company whose hospitals deliver quality health care to the communities they serve. In addition, the sale is consistent with Charter's previously stated objective of reducing debt and its continued focus on being a major provider of mental health care services."
 -0- 8/9/93
 /CONTACT: Investors: Nancy Gore of Charter Medical, 912-742-1161, or Media: Andrew Brimmer for Charter Medical, 212-484-7754/
 (CMD)


CO: Charter Medical Corporation; Quorum Health Group, Inc. ST: Georgia IN: HEA SU: TNM

BN-CF -- AT005 -- 0637 08/09/93 09:17 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
Words:204
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