AmeriHealth, an Atlanta-based chain of small hospitals, said it is hoping to sell assets or merge with another firm to survive a credit crunch with the Resolution Trust Corp.
The federal agency, which took over AmeriHealth's bank lender in 1992, has declined to extend AmeriHealth's $19 million loan beyond the April 1 maturity date.
William G. White, the company's chairman and chief executive officer, said RTC isn't foreclosing on the loan and AmeriHealth is current on its payments. Still, the company needs financing flexibility and is talking with potential equity partners, Mr. White said. The company, which has no other credit lines, "has been starved for capital," he said.
AmeriHealth owns three hospitals and manages nine others in five states.
Also, the firm reported a net loss of $151,000, or 1 cent per share, for the year ended Dec. 31, 1993, compared with net income of $1.7 million, or 17 cents per share, in the previous year. Revenues slid 2% to $44.3 million.
For the fourth quarter, the company reported a net loss of $1.5 million, or 11 cents per share, compared with net income of $160,000, or 1 cent per share, in the year-ago period. Revenues dropped 2% to $10.6 million.