UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission file number 001-12055
(Check One):
(X) Form 10-K and Form 10-KSB ( )Form 20-F ( ) Form 11-K
( ) Form 10-Q and Form 10QSB ( ) Form N-SAR
For Period Ended : December 31, 1998
( ) Transition report on Form 10-K ( ) Transition Report on Form 20-F
( ) Transition Report on Form 11-K ( ) Transition Report on Form 10-Q
( ) Transition Report on Form N-SAR
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein
PART 1 - REGISTRANT INFORMATION
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PARACELSUS HEALTHCARE CORPORATION
(Name of Registrant)
515 West Greens Road, Suite 800
(Address of Principal Executive Office)
Houston, Texas 77067
(City, State and Zip Code)
PART II - RULES 12b-25(b) and (c)
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If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed (Check box if appropriate):
( X ) (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
( X ) (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following the prescribed
due date;or the subject quarterly report of transition report on Form
10-Q, or portion thereof will be filed on or before the fifth calendar
day following the prescribed due date; and
( ) (c) The accountant's statement or other exhibit required by Rule
12b-25(c)has been attached if applicable.
PART III - NARRATIVE
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State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed
within the prescribed time period:
As previously reported, Paracelsus Healthcare Corporation (the "Company") is a
defendant in multiple class and derivative actions arising out of or related to
the merger of the Company and Champion Healthcare Corporation in August 1996.
On March 24, 1999, the Company and the affected parties entered into three
separate but interrelated agreements providing for a proposed global settlement
of substantially all claims in these class and derivative actions. The Company
is addressing certain accounting issues relating to the terms of the proposed
global settlement. In connection therewith, the Company's filing of the Annual
Report on Form 10-K for the year ended December 31, 1998 is delayed.
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PART IV - OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification.
ROBERT M. STARLING (281) 774-5100
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(Name) (Area code and telephone number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports) been filed? If
the answer is no, identify report(s)
( X ) YES ( ) NO
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof?
( ) YES ( X ) NO
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made
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PARACELSUS HEALTHCARE CORPORATION
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
March 31, 1999 \s\ James G. VanDevender
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(Date) James G. VanDevender
Senior Executive Vice President,
Chief Financial Officer and
Director
