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• Coastal Physicians Group (Durham, NC) finalized its purchase of the former operations of FPA Medical Management’s Sterling Health Care (Coral Gables, FL) subsidiary. Coastal paid $69.3 million and assumed $21 million in debt to acquire the unit. Later this month, shareholders will decide whether to call the merged company PhyAmerica Physician Group.
•MedPartners (Birmingham, AL) has received bankruptcy court approval of its agreement with California regarding its physician practice management assets. "MedPartners has resolved its issues with the state and can now complete its exit of the PPM business in a way that minimizes distribution to patients," said Chairman/President/CEO Mac Crawford. The company expects the agreement to become effective within two weeks. The court has also approved the company’s sale of assets related to Mullikin Medical Group and Southern California Medical Corp., as well as Talbert Medical Group.
•Physicians Resource Group (Dallas) said that Resurgence Asset Management (RAM) informed the company of RAM’s right to terminate its restructuring agreement with Physicians claiming the company has not met terms and, therefore, breached the contract. Physicians does not believe it has breached the agreement and continues to pursue its restructuring, even though it will not make the Sept. 30 deadline outlined in the agreement for the restructuring to be completed.