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PlanVista Adds $129.5 Million To Stockholder Deficit

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NU Online News Service, Nov. 26, 2003, 1:35 p.m. EST – PlanVista Corp., Tampa, Fla., says it has changed its official 2002 balance sheet and its official first quarter and second quarter balance sheets to increase its stockholder deficit by $129.5 million.[@@]

PlanVista, a company that sells support services to health plans, says it is increasing the stockholder deficit because it decided that it should put its Series C convertible preferred stock in the temporary equity section of the balance sheets rather than the permanent stockholder deficit section.

The change increases the company’s total stockholder deficit to $144 million, but it has no effect on the company’s operations, earnings or cash flows, PlanVista says.

PlanVista notes that it already has included the change in its balance sheets for the third quarter.