Consol Health Care Sells PTS Rehab
Unit To NovaCare
Dow Jones Newswires
FRANKLIN, Mass. -- Consolidated Health Care Associates Inc.
(CHCA) sold certain assets of its PTS Rehab Inc. unit to NovaCare Inc.
(NOV), for about $1.6 million in cash, a promissory note and
assumption of liablities.
In a press release Wednesday, outpatient rehabilitation services provider
Consolidated Health Care said NovaCare purchased four outpatient
clinics in Attleboro, Leominster, Pittsfield and West Bridgewater, all in
Massachusetts.
The sale includes the related leases, provider agreements, service
agreements and professional contracts, and NovaCare assumes certain
limited disclosed liabilities of PTS and Consolidated related to the
assets.
The purchase price included $1.1 million in cash, a $500,000
promissory note and the assumption of $75,000 in liabilities.
An earlier agreement to sell certain PTS Rehab Inc. assets to Olympus
Healthcare Group was terminated by Olympus. As reported Dec. 16,
Consolidated agreed to sell the operating assets and certain liabilities of
PTS Rehab to Olympus for $1.7 million.
Also, Consolidated said that even with the completion of the transaction
with NovaCare, there can be no assurances that Consolidated will be
able to satisfy all of the liabilities that currently exist.
NovaCare Inc., based in King of Prussia, Pa., provides rehabilitation
and employee services |
