Alliance Imaging has decided to hold off on its public stock offering(SCAN 7/31/91). The La Palma, CA, imaging services firm is evaluatingthe financial market to determine an opportune time to re-launchthe financing, according to Richard Zehner,
Alliance Imaging has decided to hold off on its public stock offering(SCAN 7/31/91). The La Palma, CA, imaging services firm is evaluatingthe financial market to determine an opportune time to re-launchthe financing, according to Richard Zehner, president.
Alliance considers Maxum Health's successful initial publicoffering as a good sign (see story below), although this is incontrast with the financial market's pessimism about Medical ImagingCenters of America (see story, page one). Maxum achieved a "fairprice" in the stock market, Zehner said.
The safe harbor regulations restricting referring-physicianinvestment in medical joint ventures should provide opportunitiesfor companies like Maxum and Alliance, he said. MICA's currentproblems seem to be related specifically to that company's business.
Like many imaging services companies, Alliance is highly leveraged.It could use an injection of equity capital to help fund continuedgrowth of the business.
Alliance borrowed $83 million related to its leveraged buy-outin April 1989, according to the firm's original prospectus forits stock offering. Two years later, $77.3 million of that amountremained outstanding (see graphs).
BRIEFLY NOTED:
The misstatement will result in a charge to income. MMI isnot certain what the exact nature or amount of the misstatementwas. The firm postponed its annual meeting next month to preparenew consolidated financial statements, according to Dudley Rauch,chairman and CEO.
"We continue to have a large equity position and a significantstake in MBI's ongoing growth and progress," Broymer said.
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