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Major owner of Ark. Heart Hospital sells its stake

Mon, 05/09/2011 - 5:45am
The Associated Press

A North Carolina-based company says it will sell its 70 percent stake in the Arkansas Heart Hospital to a group headed by a Little Rock cardiologist.

Arkansas Business magazine reported Monday that MedCath Corp. of Charlotte, N.C., says it will sell its 70.1 percent share of the Little Rock facility to AR-MED LLC, a group owned by Dr. Bruce Murphy of the Little Rock Cardiology Clinic. Murphy is among the doctors who own the remaining 29.9 percent of the 112-bed hospital.

Parties to the deal say it will net about $60 million for MedCath, which reported a loss of $50.3 million for the fiscal year that ended Sept. 30.

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Information from: Arkansas Business, http://www.arkansasbusiness.com

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