UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*(1)
PHYSICIANS CLINICAL LABORATORY, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
7194OR 10 4
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(CUSIP Number)
Gary F. Loveridge
Sutter Health
One Capitol Mall
Sacramento, CA 95814
(916) 554-6780
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
March 30, 1997
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(1) This Schedule 13D constitutes Amendment No. 1 with respect to the Schedule
13D previously filed by Sutter Health and Amendment No. 3 with respect to the
Schedule 13D previously filed by Sutter Ambulatory Care Corporation.
PAGE 1 OF 11 PAGES.
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SCHEDULE 13D
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CUSIP No. 7194OR 10 4 Page 2 of 11 Pages
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SUTTER HEALTH
94-2788907
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
2 (b) |X|
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SEC USE ONLY
3
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SOURCE OF FUNDS
4
00
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
5
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CITIZENSHIP OR PLACE OR ORGANIZATION
6
California
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SOLE VOTING POWER
7
0
NUMBER OF
SHARES --------------------------------------------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY EACH 8
REPORTING 30,263
PERSON --------------------------------------------------------------------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
0
--------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
30,263
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
30,263
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
12
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.01%
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TYPE OF REPORTING PERSON
14
00
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<FN>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
</FN>
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SCHEDULE 13D
============================================ ==================================
CUSIP No. 7194OR 10 4 Page 3 of 11 Pages
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SUTTER AMBULATORY CARE CORPORATION
94-2748382
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
2 (b) |X|
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SEC USE ONLY
3
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SOURCE OF FUNDS
4
OO and WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
5
- ------------------------------------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OR ORGANIZATION
6
California
- ------------------------------------------------------------------------------------------------------------------------------------
SOLE VOTING POWER
7
0
NUMBER OF
SHARES --------------------------------------------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY EACH 8
REPORTING 30,263
PERSON --------------------------------------------------------------------------------------------------------
WITH SOLE DISPOSITIVE POWER
9
0
--------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
30,263
- ------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
30,263
- ------------------------------------------------------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
12
- ------------------------------------------------------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.01%
- ------------------------------------------------------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
00
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<FN>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
</FN>
</TABLE>
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Page 4 of 11 Pages
Item 1. Security and Issuer
This Schedule 13D relates to the common stock, $.01 par value
per share ("Common Stock"), of Physicians Clinical Laboratory, Inc., a Delaware
corporation ("PCL"), whose principal executive offices are located at 3301 C
Street, Suite 100E, Sacramento, California 95816.
Item 2. Identity and Background
Sutter Health is a California nonprofit public benefit
corporation ("Sutter") whose principal office is located at One Capitol Mall,
Sacramento, California 95814. The principal business of Sutter and its
affiliates is the operation of an integrated health care delivery system.
Sutter Ambulatory Care Corporation is a California nonprofit
public benefit corporation ("SACC") whose principal office is located at One
Capitol Mall, Sacramento, California 95814. The principal business of SACC is
the provision of hospital and other health care services. Sutter is the sole
corporate member of SACC and in such capacity has the right to appoint all of
the directors of SACC.
Information with respect to the executive officers and
directors of each of Sutter and SACC is set forth on Schedule 1 and Schedule 2,
respectively, to this Schedule 13D.
Each of Sutter, SACC and the executive officers and directors
specified on Schedule 1 and Schedule 2 to this Schedule 13D have not, during the
last five years, (a) been convicted in a criminal proceeding or (b) been a party
to any civil proceeding of a judicial or administrative body of competent
jurisdiction resulting in a judgement, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
See Item 4 below with respect to the interest in shares
previously acquired by Sutter. As described in Item 4 below, on November 8,
1996, PCL filed a voluntary petition for relief under Chapter 11, Title 11 of
the United States Code. PCL's plan of reorganization (the "Reorganization") was
effective as of October 3, 1997. Except as otherwise indicated, all share
amounts in this Item 4 represent shares outstanding prior to the Reorganization.
SACC acquired 1,268,714 shares of Common Stock on August 1,
1992, in exchange for interests held by SACC in California Regional Reference
Laboratory, a California limited partnership. Such partnership interests were
originally acquired by SACC in 1986 using working capital. The exchange was
carried out pursuant to Section 3(a)(10) of the Securities Act of 1933, as
amended, after a hearing on the fairness of the transaction was held before the
California Commissioner of Corporations. SACC acquired an additional 125,000
shares of Common Stock on October 21, 1992 for $8 per share directly from the
underwriters as part of PCL's initial public offering. Such purchase was
financed from working capital. SACC's acquisition of shares of Common Stock was
previously reported on a Schedule 13D, as amended (the "SACC/Sutter Schedule
13D"), which is being amended hereby.
Pursuant to the terms of the Reorganization, all 1,393,714
shares of PCL Common Stock owned by SACC were canceled in exchange for a warrant
to acquire 30,263 shares of New Common Stock (as defined in Item 4 below).
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Page 5 of 11 Pages
Item 4. Purpose of Transaction
On May 10, 1995, PCL granted to Sutter a warrant to acquire an
aggregate of 1,200,000 shares of Common Stock (the "Warrant"). Sutter's
acquisition of the Warrant was previously reported on the SACC/Sutter Schedule
13D which is being amended hereby. As consideration for the Warrant, Sutter
entered into a General Continuing Guaranty dated May 10, 1995 (the "Guaranty")
in favor of Wells Fargo Bank, National Association, as agent for certain
financial institutions who were lenders to PCL (collectively, the "Lenders"),
guarantying up to $3.5 million of certain obligations of PCL under a Credit
Agreement with the Lenders and certain amendments thereto. The Warrant provided
that it shall expire on the ninetieth day following the expiration of the
Guaranty. The Guaranty expired on December 30, 1997 and, accordingly, the
Warrant expired on March 30, 1997. No portion of the Warrant was ever exercised.
Sutter no longer has any beneficial ownership of the shares of Common Stock
previously covered by the Warrant.
On November 8, 1996, PCL filed a voluntary petition for relief
under Chapter 11, Title 11 of the United States Code in the United States
Bankruptcy Court for the Central District of California, San Fernando Valley
Division (the "Bankruptcy Court"). The Bankruptcy Court approved the
Reorganization effective as of October 3, 1997. Pursuant to the terms of the
Reorganization, the shareholders of PCL will receive, as a group, Warrants to
purchase 5% of the common stock of the reorganized PCL (the "New Common Stock")
and all shares of Common Stock outstanding prior to the Reorganization will be
cancelled. Accordingly, all 1,393,714 shares of PCL Common Stock owned by SACC
will be canceled in exchange for a warrant to acquire 30,263 shares of New
Common Stock.
On July 7, 1997, PCL filed a Notification of Termination of
Registration under Section 12(g) of the Securities Exchange Act of 1934 with
respect to the Common Stock.
Item 5. Interest in Securities of Issuer
Sutter may be deemed to share beneficial ownership of the
warrant to acquire 30,263 shares of New Common Stock owned directly by SACC, of
which Sutter is the sole corporate member.
Sutter has been informed by counsel to PCL that the
capitalization of PCL after the Reorganization will consist of 2,500,000 shares
of New Common Stock and outstanding warrants to acquire 131,579 shares of New
Common Stock. Based on this capitalization, Sutter and SACC may be deemed to
have beneficial ownership of 0.01% of the outstanding New Common Stock of PCL.
None of the executive officers and directors of each of Sutter
and SACC set forth on Schedule 1 and Schedule 2 beneficially owns any shares of
PCL.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
See Item 5 above.
Item 7. Material to be Filed as Exhibits
None.
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Page 6 of 11 Pages
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned hereby certifies that the information set
forth in this statement is true, complete and correct.
Dated: November 13, 1997
SUTTER HEALTH
By /s/ GARY F. LOVERIDGE
-------------------------------
Name: Gary F. Loveridge
Title: Assistant Secretary
SUTTER AMBULATORY CARE CORPORATION
By /S/ PATRICK E. FRY
-------------------------------
Name: Patrick E. Fry
Title: President
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Page 7 of 11 Pages
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SCHEDULE 1
Set forth below is information required by Item 2 of Schedule 13D for
each executive officer and director of Sutter Health.
DIRECTORS OF SUTTER HEALTH
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Name Principal Occupation, Employer, Citizenship
Business Address
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Ralph E. Andersen Retired Business Consultant U.S.A.
1435 River Park Drive, Suite #400
Sacramento, CA 95815
Mary Jane Armacost Civic Leader U.S.A.
720 Eucalyptus Avenue
Hillsborough, CA 94010
Paul J. Feldstein, Ph.D. Professor of Healthcare U.S.A.
University of California
Graduate School of Management
Irvine, CA 92717
Kenni Friedman City Council Member, Modesto U.S.A.
508 Andover
Modesto, CA 95350
Van R. Johnson President & CEO U.S.A.
Sutter Health
One Capitol Mall, Suite 410
Sacramento, CA 95814
Lawrence G. Mohr, Jr. General Partner U.S.A.
Mohr, Davidow Ventures
3000 Sand Hill Road, Building 1
Menlo Park, CA 94025
Dennis J. O'Connell Independent Investor U.S.A.
810 College Avenue, #9
Kentfield, CA 94904
Steven H. Oliver President U.S.A.
Oliver & Company
1300 South 51st Street
Richmond, CA 94804
Harold E. Ray, M.D. Retired Obstetrician U.S.A.
4737 Dovercourt Circle
Carmichael, CA 95608
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Page 8 of 11 Pages
Name Principal Occupation, Employer, Citizenship
Business Address
Michael A. Roosevelt Attorney U.S.A.
Friedman, Olive, McCubbin,
Spaulding, Bilter & Roosevelt
425 California Street, Suite 220
San Francisco, CA 94104
Toby Rosenblatt President U.S.A.
The Glenn Ellen Company
3409 Pacific Avenue
San Francisco, CA 94118
Robert J. Swanson, M.D. Vascular Surgeon U.S.A.
3000 Colby St., Suite 301
Berkeley, CA 94705
Annita B. Watson Professor & Chair of the Division of Nursing U.S.A.
at California State University Sacramento
Division of Nursing
6000 "J" Street
Sacramento, CA 95819
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Page 9 of 11 Pages
SCHEDULE 1 (CON'T)
OFFICERS OF SUTTER HEALTH
Name Principal Occupation, Employer, Citizenship
Business Address
Mary Jane Armacost Civic Leader U.S.A.
Chair 720 Eucalyptus Avenue
Hillsborough, CA 94010
Van R. Johnson President & CEO U.S.A.
President & CEO Sutter Health
One Capitol Mall, Suite 410
Sacramento, CA 95814
Dennis J. O'Connell Independent Investor U.S.A.
Chair for Finance and 810 College Avenue, #9
Planning Kentfield, CA 94904
Toby Rosenblatt President U.S.A.
Secretary The Glenn Ellen Company
3409 Pacific Avenue
San Francisco, CA 94118
Robert D. Reed Chief Financial Officer U.S.A.
Chief Financial Officer Sutter Health
One Capitol Mall, Suite 410
Sacramento, CA 95814
Gary F. Loveridge General Counsel U.S.A.
Assistant Secretary Sutter Health
One Capitol Mall, Suite 410
Sacramento, CA 95814
Elizabeth Shih Chief Administrative Officer U.S.A.
Assistant Secretary Sutter Health
One Capitol Mall, Suite 410
Sacramento, CA 95814
Robert D. Reed Chief Financial Officer U.S.A.
Assistant Secretary Sutter Health
One Capitol Mall, Suite 410
Sacramento, CA 95814
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Page 10 of 11 Pages
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SCHEDULE 2
Set forth below is information required by Item 2 of Schedule 13D for
each executive officer and director of Sutter Ambulatory Care
Corporation.
DIRECTORS OF SUTTER AMBULATORY CARE CORPORATION
<CAPTION>
Name Principal Occupation, Employer, Citizenship
Business Address
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Ralph E. Andersen Retired Business Consultant U.S.A.
1435 River Park Drive, Suite #400
Sacramento, CA 95815
Patrick E. Fry President Eastern Division U.S.A.
Sutter Health
One Capitol Mall
Sacramento, CA 95814
Annita B. Watson Professor & Chair of the Division of Nursing U.S.A.
at California State University Sacramento
Division of Nursing
6000 "J" Street
Sacramento, CA 95819
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Page 11 of 11 Pages
SCHEDULE 2 (Con't)
OFFICERS OF SUTTER AMBULATORY CARE CORPORATION
Name Principal Occupation, Employer, Citizenship
Business Address
Annita B. Watson Professor & Chair of the Division of Nursing U.S.A.
Chair at California State University Sacramento
Division of Nursing
6000 "J" Street
Sacramento, CA 95819
Patrick E. Fry President Eastern Division U.S.A.
President Sutter Health
One Capitol Mall
Sacramento, CA 95814
Ralph Andersen Retired Business Consultant U.S.A.
Secretary and Vice 1435 River Park Drive, Suite #400
Chair for Finance Sacramento, CA 95815
Karl Silberstein Chief Financial Officer U.S.A.
Assistant Secretary Sutter Health Central
2800 L Street, 7th Floor
Sacramento, CA 95816
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