The New York Stock Exchange last week suspended trading of stock in Paracelsus Healthcare Corp., Houston, and plans to delist the 10-hospital company, Paracelsus said.
Its reasons include the company's abnormally low stock price and its failure to meet other listing criteria.
Earlier this month, Paracelsus reported a net loss of $8.5 million, or 15 cents per share, for the quarter ended March 31, compared with a net loss of $1.6 million, or three cents per share, for the same quarter last year. The company's net revenue for the quarter ended March 31 was $95.1 million, compared with $150.9 million in last year's quarter.
The company said it has obtained $62 million in credit so it can continue to finance capital requirements as it deals with its financial problems.