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Tenet to sell Philadelphia hospitals for $170 mln
2017年9月1日 / 下午3点37分 / 3 个月前

Tenet to sell Philadelphia hospitals for $170 mln

NEW YORK, Sept 1 (Reuters) - Tenet Healthcare Corp said on Friday it will sell its two Philadelphia hospitals and related operations to Paladin Healthcare for around $170 million, as the hospital company works to lighten its debt load.

Tenet is under pressure from its largest shareholder -- Glenview Capital Management -- to shake things up. It said on Thursday that it plans to replace longtime Chief Executive Trevor Fetter and members of its board.

The company said it expects to receive $152.5 million in cash as well as a promissory note for $17.5 million from Paladin for Hahnemann University Hospital, St. Christopher’s Hospital for Children and other related operations. It said it will take a non-cash impairment charge of around $230 million for the assets in the third quarter this year.

Shares of Tenet, one of the largest U.S. hospital companies, have lost nearly three-quarters of their value since 2015. The industry has struggled over that period because of fewer patients, rising expenses and high debt.

Tenet’s stock market value is $1.7 billion, while its long-term debt load is a whopping $15 billion. (Reporting by Michael Erman; Editing by Phil Berlowitz)

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