Extendicare plans asset sale to reduce debt

Article Abstract:

Extendicare Inc. (Markham, Ontario) is planning to sell $100-million (US) in non-core assets this year as part of its efforts to reduce debt in the wake of sweeping reductions to Medicare funding for long-term care in the US. Extendicare operates 28 nursing homes and four retirement and assisted-living centers for 3,423 residents. It has identified 44 of its 237 centers in the US that are not meeting certain operating and financial targets. The firm, which conducts 76% of its business in the US, lost $159.7-million (Canadian) or $2.14 per share in 1999, while its revenue fell from $2.1-billion to $1.9-billion. It sold US assets for $62-million (US) and its UK operations for more than 26 million British pounds ($59.8-million Canadian) last year, which reduced its long-term debt to $892-million (US).

EXE

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Tridel sees debt restructuring talks coming to an end

Article Abstract:

Tridel Enterprises Inc. sees debt restructuring talks with creditors ending. Company debts which need to be restructured include C$8.4-million of secured company debt, C$35.1-million of subsidiary debt, which has been guaranteed by the company and C$11.9-million principal amount of corporate debentures. According to the company's president, Elvio DelZotto, the company hopes to have an information circular ready for the end of June 1998. Meanwhile, the company posted a loss of C$3.3 million, or 28 cents a share in the first quarter of 1998, up from a loss of C$2.7-million, or 23 cents a share in the same period in 1997.

Comment:

Sees debt restructuring talks with creditors ending

Land Subdivision and Land Development, Subdividers & Developers, Tridel Enterprises Inc., Article

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U.S. private equity stalks Extendicare

Article Abstract:

The details on Madison Dearborn LLC's bid for Extendicare Inc. are presented.

United States, Acquisitions & mergers, Investment Offices, Investment Companies, Open-End Investment Funds, Investment Funds & Trusts, Homes for Aged, Homes for the Elderly, Mergers, acquisitions and divestments, Company acquisition/merger, Madison Dearborn Partners L.L.C., EXE'A

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