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MedCath sells Arkansas, Missouri hospitals

Mon, 08/01/2011 - 12:45pm
The Associated Press

MedCath Corp. said Monday it completed the sale of two more hospitals, Heart Hospital of New Mexico and Arkansas Heart Hospital.

MedCath has sold six hospitals since March 2010, when it announced the formation of a special committee which would evaluate a sale of the company or individual hospitals.

The company said Monday it closed the sale of Heart Hospital of New Mexico to Lovelace Health System, and the sale of its 70.1 percent stake in Arkansas Heart Hospital to AR-MED LLC.

MedCath said it will receive $62 million in net proceeds from the New Mexico hospital sale and $66 million from the Arkansas hospital sale.

The company announced the two deals May 9.

MedCath now owns and runs four hospitals, one each in Arizona, California, Louisiana, and Texas. The hospitals have a combined capacity of 366 beds.

Shares of MedCath fell 12 cents to close at $13 Monday.

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