Company looks for fresh start with HME
OGDEN, Utah - Pacific Alliance Corporation, a bankrupt publicly traded company that’s looking for a fresh start, signed a “letter of intent” in December to acquire Classic Health Systems, an HME company with offices in Michigan and Florida.
The final agreement between Pacific and Classic Health should be signed early this year, according to a release issued by Pacific.
Pacific Alliance is currently inactive. The company, which filed for Chapter 11 bankruptcy on June 23, 1995, previously distributed television programming. The move to acquire Classic appears to be a strategy by Pacific to reorgnize itself and provide shareholders and creditors with at least the possibility of recouping all or some of its investment in the company. Company president Mark Sharmann did not return calls.
A company statement said Pacific intends to use its “limited current assets, equity securities, debt securities, borrowings or a combination thereof” to enter a new business with “growth potential.” HME