Continuing its efforts to sell assets to pay down debt, Integrated Health Services of Owings Mills said yesterday that it has sold 11 nursing homes in three transactions totaling about $60 million.
Integrated has sold several facilities during recent months -- as many as 44 at a time -- but has continued to run them under management contracts. In the latest deals, Integrated will not operate the homes it sold.
"We had announced we would sell some nonstrategic assets to pay down debt," said Marc B. Levin, executive vice president. "These were markets we didn't feel we needed to be in."
The 11 facilities are in Montana, Wyoming, Colorado, Iowa and Missouri.
Integrated owns or manages more than 300 nursing homes. Including other facilities, such as those offering rehabilitation and home health services, Integrated operates more than 2,000 units in 47 states.
The company's debt stood at $3.2 billion at the end of 1997, according to documents filed with the Securities and Exchange Commission.
Terms of the transactions were not disclosed.
Pub Date: 6/11/98