SRG - was halted today and news released after the bell:
SurgiCare to recapitalize, join with 3 other cos.
LOS ANGELES, Nov 18 (Reuters) - SurgiCare Inc. <SRG.A>, a
Houston-based surgery center company, on Tuesday said it plans
to combine with three other companies in an equity investment
and recapitalization that would result in an expanded
healthcare services company.
The company said it will acquire Dennis Cain Physician
Solutions Ltd. and Medical Billing Services Inc. for a
combination of $3 million in cash, a $1 million promissory note
and 9.5 percent of stock in the new company.
Recapitalization of SurgiCare, which would include a
one-for-ten reverse split of its common stock, is expected to
result in a new public company named Orion HealthCorp Inc.
In addition, Brantley Partners IV, L.P., will contribute $6
million in cash and $1.3 million in loans to Orion in exchange
for a 51 percent equity holding.
(C) Reuters 2003. All rights reserved. Republication or redistribution of
Reuters content, including by caching, framing or similar means, is expressly
prohibited without the prior written consent of Reuters. Reuters and the Reuters
sphere logo are registered trademarks and trademarks of the Reuters group of
companies around the world.
Nov-18-2003 23:44 GMT
Symbols:
US;SRG
Source RTRS Reuters News
Categories:
HOT RTI RES DRU US CPX PKG/USCO MST/L/EN MST/S/ERN MST/I/DRG MST/R/US |
