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HILLHAVEN ANNOUNCES COMPLETION OF FACILITY DISPOSITION PROGRAM AND RECOGNITION OF UNUSED RESTRUCTURING RESERVES

 TACOMA, Wash., Dec. 3 /PRNewswire/ -- The Hillhaven Corp. (NYSE: HIL) announced today that it has completed its facility disposition program and will record as income in its second quarter the unused portion of its restructuring reserves.
 The disposition program was initiated in December 1991, to sell or sublease underperforming operations. Since then, the company has disposed of 65 nursing centers and retirement housing communities and has entered into definitive agreements to sell an additional 13 nursing centers within the current fiscal quarter.
 Unused restructuring reserves of approximately $20 million, which had been provided to accommodate the dispositions, will be recorded as income in the second fiscal quarter ending Nov. 30.
 "We are pleased to have successfully completed this program within our initial time frame and at less cost than originally anticipated," commented Bruce L. Busby, Hillhaven's chairman and chief executive officer. "We believe that our strong network of nearly 300 nursing centers solidly positions us for growth in emerging health care opportunities."
 The Hillhaven Corp. is one of the nation's largest diversified health care providers, operating over 400 nursing centers, retirement housing communities and pharmacy outlets in 36 states.
 -0- 12/3/93
 /CONTACT: Tim Carroll of Hillhaven, 206-756-4806/
 (HIL)


CO: The Hillhaven Corp. ST: Washington IN: HEA SU:

RB -- SE001 -- 0206 12/03/93 12:06 EST
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Publication:PR Newswire
Date:Dec 3, 1993
Words:218
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