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DVI HEALTH SERVICES ANNOUNCES THAT IPS HEALTHCARE IS IN DEFAULT UNDER APPROXIMATELY $5.6 MILLION OF EQUIPMENT LEASES

 DVI HEALTH SERVICES ANNOUNCES THAT IPS HEALTHCARE


IS IN DEFAULT UNDER APPROXIMATELY $5.6 MILLION OF EQUIPMENT LEASES
 IRVINE, Calif., July 14 /PRNewswire/ -- DVI Health Services Corp. (NYSE: DVI) announced today that IPS Healthcare Inc., a lessee of its equipment subsidiary DVI Financial Services Inc., is in default under approximately $5.6 million of equipment leases originated by DVI. Of this amount, $3.9 million consists of obligations on receivables which have been discounted or otherwise disposed of by the company on a limited recourse basis and $1.7 million represents receivables held by the company in its portfolio. DVI also stated, notwithstanding the default, it believes DVI is adequately collaterized under the leases and does not expect that it will be required to recognize a loss as a result of the default. DVI further stated that it expects to restructure the defaulted leases. The defaulted leases were restructured earlier this year in response to a prior default.
 -0- 7/14/92
 /CONTACT: Cynthia Cohn of DVI Health Services, 714-474-5823/
 (DVI) CO: DVI Health Services Corp.; IPS Healthcare Inc. ST: California IN: HEA SU: EH-KJ -- LA029 -- 9237 07/14/92 16:05 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 14, 1992
Words:193
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