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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date Of Earliest Event Reported) September 18, 2000
Transworld Healthcare, Inc.
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(Exact name of Registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation)
1-11570 13-3098275
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(Commission File Number) (I.R.S. Employer Identification No.)
555 Madison Avenue, New York New York 10022
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 750-0064
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(Former name or former address, if changed last report.)
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ITEM 5. OTHER EVENTS.
Transworld Healthcare , Inc. ("Transworld") announced on September 18,
2000, that it has entered into an agreement, subject to the
satisfaction of customary closing conditions, to sell certain assets of
its U.S. operating subsidiaries MK Diabetic Services, Inc., Respiflow,
Inc. and Transworld Ostomy, Inc. The proposed purchase price is
$2,000,000 in cash plus book value of on-hand saleable inventory. The
buyer will manage the pre-closing trade receivables in accordance with
terms of a separate Receivables Management Agreement and will receive a
collection fee of 3% on the first $3,000,000 of net collections and 5%
thereafter. A number of employees will remain employed by Transworld,
on-site at Jacksonville, to assist in the shut down of the facility and
in the collection of trade receivables. Transworld anticipates
recording a pre-tax charge of $16,000,000 to $18,000,000 principally
related to write off of goodwill in the quarter ended September 30,
2000.
Certain statements contained herein are forward-looking statements that
have been made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
involve unknown risks and uncertainties which may cause actual results
in the future periods or plans for future periods to differ materially
from those described herein as anticipated, believed or estimated.
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SIGNATURES
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.
Dated: September 22, 2000
TRANSWORLD HEALTHCARE, INC.
By: /s/ John B. Wynne
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John B. Wynne
Vice President and Chief Financial
Officer (Principal Financial Officer
and Duly Authorized to Sign on Behalf of
Registrant)
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