UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 15, 2000
Commission file number 001-12055
PARACELSUS HEALTHCARE CORPORATION
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-3565943
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
515 W. Greens Road, Suite 500, Houston, Texas
(Address of principal executive offices)
77067 (281) 774-5100
(Zip Code) (Registrant's telephone number,
including area code)
ITEM 5. OTHER EVENTS
On February 15, 2000, Paracelsus Healthcare Corporation (the "Company")
elected not to make the interest payment of approximately $16.3 million due on
the Company's $325 million 10% Senior Subordinated Notes due 2006 (the "Notes").
The scheduled interest payment is subject to a 30-day grace period that will
expire on March 16, 2000.
The Company has retained the firm of Chase Securities Inc. as its
financial advisor in connection with the exploration of alternatives with
respect to Paracelsus' capital structure. The Company intends to engage in
discussions with the holders of the Notes.
On February 14, 2000, the Company issued a press release, a copy of
which is included in Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1 Press Release dated February 14, 2000 issued by the
Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Paracelsus Healthcare Corporation
(Registrant)
Dated: February 15, 2000 By: /S/ LAWRENCE A. HUMPHREY
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Lawrence A. Humphrey
Executive Vice President,
& Chief Financial Officer