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Citrus Universal to Acquire Universal Health Care; Alvarez & Marsal to Lead Turnaround

March 13, 2013, 07:28 AM
Filed Under: Bankruptcy

Citrus Universal Healthcare announced the United States Bankruptcy Court for the Middle District of Florida has approved its offer to purchase the four operating entities of Universal Health Care Group, including all of Universal’s Medicare health plans, subject to regulatory approval. Citrus, a national entity based in Delaware whose backers have a long track record of success turning around healthcare companies, will move forward with state regulatory processes to purchase the St. Petersburg-based company.

Citrus announced that it will be working with Alvarez & Marsal to stabilize the company and focus on servicing customers and providers in order to improve the network and position it for long-term success. The team is led by Ed Griese, national leader of Alvarez & Marsal’s health plan business unit.

“We have incredible confidence in our ability to turnaround Universal, if given the opportunity, with the expertise of Alvarez & Marsal and look forward to improving the company to position it to provide long-term quality and service for all members,” said Spencer Baretz, official spokesperson for Citrus Universal Healthcare. “We understand the company has faced challenges and our immediate priority is to stabilize the company and restore relationships with current members and providers, who we look forward to serving.”

As the regulatory process continues, Alvarez & Marsal deployed a large team of seasoned industry experts to Universal headquarters on March 4. The team brings more than 200 years of collective industry-specific turnaround experience and began its work immediately.

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