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Divestitures
6 Months Ended
Jun. 30, 2016
Divestitures [Abstract]  
Divestitures

Note 5 – Divestitures

On June 30, 2016, the Company sold its 8% interest in Summit Hospital, an Equity Owned Hospital located in Edmond, Oklahoma.  The Company received $2.2 million in proceeds from the sale of Summit resulting in a gain of $2.1 million.

On July 15, 2015, the Company sold its 10% interest in the Kirby Glen Surgery, LLC, one of its Equity Owned ASCs located in Houston, Texas.  The Company received $0.2 million in combined proceeds for the sale of the equity interest and termination of our management agreement.

On June 12, 2015, the Company executed an agreement pursuant to which the Company sold a portion of its 20% equity investment in Grayson County Physician Property, LLC (“GCPP”) through a series of transactions.  In conjunction with the sale, the management agreement under which the Company provided certain services including billing and collections, general management services, legal support, and accounting services was terminated.  The Company’s decision to sell the assets of GCPP was part of the Company’s strategic plan to focus on the growth of its majority owned surgical hospital businesses.  The Company received $7.8 million of proceeds as a result of the sale and $0.5 million for the termination of the management agreement.  The Company used $7.0 million of these proceeds to reduce the Company’s principal balance of the note held by the Company’s senior lender.  The remainder of the proceeds will be used for working capital needs and possible future acquisitions.  See Note 6 – Discontinued Operations for additional information.

On March 31, 2015, Houston Orthopedic Surgical Hospital, L.L.C. (“HOSH”), our Equity Owned hospital in Houston, Texas, sold substantially all of its assets under an asset purchase agreement.  Given that the Company does not exhibit control with the 20% investment in HOSH, the Company accounts for the investment on a cost or cash basis.  As a result of the HOSH sale, the Company received a distribution on May 12, 2015 $1.8 million, of which $0.6 million is being held in escrow until October 2016.