Sun Healthcare Group, Inc. Completes Restructuring
16 11월 2010 - 8:00AM
Marketwired
SHG Services, Inc. ("New Sun") (NASDAQ: SUNHD), today announced
that the previously announced plan of its former parent company,
Sun Healthcare Group, Inc. ("Old Sun"), to restructure Old Sun's
business by separating Old Sun's operating assets and its real
estate assets into two separate publicly traded companies has been
completed. Pursuant to this plan, Old Sun separated its operating
assets by means of a spin-off transaction pursuant to which Old Sun
distributed to its stockholders on a pro rata basis (the
"Distribution") all of the outstanding shares of common stock of
New Sun. Old Sun then merged (the "REIT Conversion Merger") with
and into its wholly owned subsidiary, Sabra Health Care REIT, Inc.
("Sabra"). Immediately following the REIT Conversion Merger, New
Sun was renamed Sun Healthcare Group, Inc. New Sun owns all of Old
Sun's former operating subsidiaries, while Sabra, through its
subsidiaries, owns substantially all of Old Sun's previously owned
real property assets.
In connection with this transaction, William A. Mathies, Old
Sun's chief operating officer, was appointed New Sun's chairman and
chief executive officer. Mr. Mathies leads the New Sun management
team, which, except for the departure of Richard K. Matros, remains
unchanged. Mr. Mathies remarked, "I look forward to continuing to
work with our proven management team in delivering quality care and
services to our patients and residents, growing our businesses and
creating value for our stockholders."
New Sun's common stock is listed on The NASDAQ Stock Market LLC
and will trade on the NASDAQ Global Select Market under the symbol
"SUNHD" until Dec. 15, 2010. Beginning Dec. 15, 2010, New Sun's
common stock will trade on the NASDAQ Global Select Market under
the symbol "SUNH." Shares of Old Sun common stock ceased trading on
the NASDAQ Global Select Market at the close of business on Nov.
15, 2010.
Additional Information
Please see New Sun's website at www.sunh.com for additional
information, including Frequently Asked Questions, regarding the
Distribution and REIT Conversion Merger. In addition, for a
discussion of the tax consequences of the Distribution and the REIT
Conversion Merger, stockholders are encouraged to read the section
"Material U.S. Federal Income Tax Consequences" in the definitive
proxy statement dated Sept. 29, 2010 that Old Sun mailed to its
stockholders on Oct. 4, 2010.
About New Sun
New Sun's subsidiaries provide nursing, rehabilitative and
related specialty healthcare services principally to the senior
population in the United States. New Sun's core business is
providing, through its subsidiaries, inpatient services, primarily
through 166 skilled nursing centers,16 combined skilled nursing,
assisted and independent living centers, 10 assisted living
centers, two independent living centers and eight mental health
centers. On a consolidated basis, New Sun has annual revenues of
$1.9 billion and approximately 30,000 employees in 46 states. At
Oct. 1, 2010, SunBridge centers had 23,189 licensed beds located in
25 states, of which 22,407 were available for occupancy. New Sun
also provides rehabilitation therapy services to affiliated and
non-affiliated centers through its SunDance subsidiary, medical
staffing services through its CareerStaff Unlimited subsidiary and
hospice services through its SolAmor subsidiary.
Forward-Looking Statements
Statements made in this release that are not historical facts
are "forward-looking" statements (as defined in the Private
Securities Litigation Reform Act of 1995) that involve risks and
uncertainties and are subject to change at any time. These
forward-looking statements may include, but are not limited to,
statements containing words such as "anticipate," "believe,"
"plan," "estimate," "expect," "hope," "intend," "may" and similar
expressions. Factors that could cause actual results to differ are
identified in the public filings made by New Sun with the
Securities and Exchange Commission ("SEC") and include the risks
and uncertainties detailed from time to time in New Sun's SEC
filings. More information on factors that could affect the business
and financial results are included in the public filings of New Sun
(which is the successor to Old Sun for public reporting purposes)
made with the SEC, including Old Sun's Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q, copies of which are available
on New Sun's web site, www.sunh.com. The forward-looking statements
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond New Sun's control. Investors are
cautioned that any forward-looking statements made by New Sun are
not guarantees of future performance. New Sun disclaims any
obligation to update any such factors or to announce publicly the
results of any revisions to any of the forward-looking statements
to reflect future events or developments.
Contact: Investor Inquiries (505) 468-2341 Media
Inquiries (505) 468-4582
Sun Healthcare Grp. (MM) (NASDAQ:SUNHD)
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