UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): May 23, 2000
Commission file number 001-12055
PARACELSUS HEALTHCARE CORPORATION
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-3565943
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
515 W. Greens Road, Suite 500, Houston, Texas
(Address of principal executive offices)
77067 (281) 774-5100
(Zip Code) (Registrant's telephone number,
including area code)
ITEM 5. OTHER EVENTS
On May 23, 2000, The New York Stock Exchange (the "Exchange")
informed Paracelsus Healthcare Corporation (the "Company") that the Exchange
decided to suspend further trading of the Company's common stock and plans to
apply to the Securities and Exchange Commission to delist the issue. Among the
reasons cited by the Exchange were that the trading price of the stock was
abnormally low and that the Company had fallen below certain of the Exchange's
continued listing criteria.
The Company is exploring alternative public trading markets for its
stock.
On May 23, 2000, the Company issued a press release on the above related
matter, a copy of which is included in Exhibit 99.3 to this Form 8-K and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99.3 Press Release dated May 23, 2000 issued by the
Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Paracelsus Healthcare Corporation
(Registrant)
Dated: May 23, 2000 By: /S/ LAWRENCE A. HUMPHREY
----------------------------------
Lawrence A. Humphrey
Executive Vice President,
& Chief Financial Officer
Exhibit 99.3
FOR IMMEDIATE RELEASE Contact: Deborah H. Frankovich
Senior Vice President & Treasurer
281-774-5100
PARACELSUS HEALTHCARE CORPORATION CONFIRMS
NEW YORK STOCK EXCHANGE DELISTING NOTIFICATION
HOUSTON, Texas (May 23, 2000) -- The New York Stock Exchange today
informed Paracelsus Healthcare Corporation that the Exchange decided to suspend
further trading of the common stock of Paracelsus and plans to apply to the SEC
to delist the issue. Among the reasons cited by the Exchange were that the
trading price of the stock was abnormally low and that the Company had fallen
below certain of the Exchange's continued listing criteria.
Paracelsus is exploring alternative public trading markets for its
stock.
Paracelsus Healthcare Corporation was founded in 1981 and is
headquartered in Houston, Texas. Including a hospital partnership, Paracelsus
presently owns the stock of hospital corporations that own or operate 10
hospitals in seven states with a total of 1,287 beds. Additional Company
information may be accessed through http://www.prnewswire.com under the
Company's name.
Certain statements contained herein are "forward-looking statements"
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve a number of risks and
uncertainties. All statements regarding the Company's expected future financial
position, results of operations, cash flows, liquidity, financing plans,
business strategy, budgets, projected costs and capital expenditures,
competitive position, growth opportunities, plans and objectives of management
for future operations and words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "may" and other similar expressions are
forward-looking statements. Such forward-looking statements are inherently
uncertain, and stockholders must recognize that actual results may differ
materially from the Company's expectations as a result of a variety of factors,
including, without limitation, those discussed below.
Factors which may cause the Company's actual results in future periods
to differ materially from forecast results include, but are not limited to: i)
Competition and general economic, demographic and business conditions, both
nationally and in the regions in which the Company operates; ii) Existing
government regulations and changes in legislative proposals for healthcare
reform, including changes in Medicare and Medicaid reimbursement levels; iii)
The ability to enter into managed care provider arrangements on acceptable
terms; iv) Liabilities and other claims asserted against the Company; v) The
loss of any significant customer, including but not limited to managed care
contracts; vi) The ability to attract and retain qualified personnel, including
physicians; vii) The Company's ability to develop and consummate an acceptable
and sustainable alternative financial structure, considering the Company's
liquidity and limited financial resources; and viii) The possibility that the
Company may be forced to file for protection under Chapter 11 of the Federal
Bankruptcy Code or that its creditors could file an involuntary petition seeking
to place the Company in bankruptcy.
The Company is generally not required to, and does not undertake to,
update or revise its forward-looking statements.
