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January 29, 2004

Tenet to sell nearly 1/3rd of its hospitals

SANTA BARBARA, Calif. (AP) -- Tenet Healthcare Corp. is putting nearly a third of its hospitals up for sale in a major restructuring that includes a $1.4 billion charge in the fourth quarter.

The nation's second biggest hospital chain said Wednesday the sale of 27 hospitals would lead to net losses for all of 2003 and 2004.

Tenet said the restructuring was based partly on a new assessment of profit potential after dropping its previous method of collecting managed care revenue from the federal Medicare program.

The company also said the California buildings it hopes to sell would have cost $1.6 billion to retrofit under a state seismic upgrade mandate.

Besides California, Tenet also plans to sell hospitals in Louisiana, Massachusetts, Missouri and Texas.




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