Community Health Systems and Texas Health Resources Announce Execution of Legal Settlement|
FRANKLIN, Tenn. and ARLINGTON, Texas — Community Health Systems, Inc. (NYSE: CYH) and Texas Health Resources announced today that Texas Health Resources and Triad-Denton Hospital, GP, LLC, Triad-Denton Hospital, L.P., and certain of their affiliated companies have executed a previously announced settlement agreement regarding an action that was pending in the United States District Court of the Eastern District of Texas.
Under terms of the settlement, Triad-Denton Hospital, GP, LLC and Triad-Denton Hospital, L.P. will convey their partnership units in a partnership with Texas Health Resources that owns Presbyterian Hospital of Denton in Denton, Texas, and other related hospital assets to Texas Health Resources, or an affiliated entity, for approximately $100 million, subject to regulatory approvals.
The agreement settles all claims and fully resolves the lawsuit. The transaction is anticipated to close on March 31, 2009.
Community Health Systems
Texas Health Resources
Statements contained in this news release are forward-looking statements that involve risks and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption “risk factors” in the Company's Securities and Exchange Commission filings.