NU Online News Service, March 10, 2003, 12:09 p.m. EST – Two investment firms with ties to Commonwealth Associates L.P., New York, have acquired $20.5 million of the bank debt and 96% of the convertible preferred stock of PlanVista Corp., Tampa, Fla.
Plan Vista runs a national health care provider network that includes 4,000 hospitals and 400,000 doctors. The company also develops claims systems and other systems for running provider networks.
PlanVista has been working in recent months to cope with financial obligations left over from past operating problems. The new Commonwealth transactions have helped reduce obligations to bankers to $20. 6 million, from $71 million, PlanVista says.
PlanVista says the Commonwealth transactions have also put its preferred stock in the hands of experienced health care investors.
Commonwealth is an investment banking firm that has a “primary focus on turnarounds, reorganizations and restructuring,” according to the firm’s Web site.
The Commonwealth Associates affiliates that invested in PlanVista are PVC Funding Partners L.L.C. and ComVest Venture Partners.