Friday, December 29, 2000
Tristate Business Summary
Crown Vantage sells paper line
In a move that could bring its Chapter 11 bankruptcy reorganization closer, Blue Ash-based Crown Vantage Inc. said it agreed to sell its speciality paper business to KPS Special Situations Fund LLC for $21.75 million in cash and notes.
Crown Vantage filed for protection from creditors in March, shortly after relocating its headquarters from Oakland, Calif. It said completion of the sale, which requires bankruptcy court approval, would allow it to reorganize around its coated and specialty paper mill in St. Francisville, La.
The purchase price includes $14.25 million in cash and a $7.5 million note payable in seven years. KPS would assumed the name Curtis Papers Inc., which it would acquire in the sale.
Humana moves Medicare business
Louisville-based Humana Inc. plans to transfer its Medicaid business in select Texas and Wisconsin cities to two health insurance companies, Humana officials said Thursday.
Under the agreement, Managed Health Services in Wisconsin would provide Medicaid services for an additional 40,000 people in Milwaukee, Waukesha, Kenosha, Racine and Rock counties. In Texas, Superior HealthPlan Inc. would provide services to 30,000 in Austin and San Antonio.
Managed Health Services is owned by Centene Corp., of St. Louis. It provides services to government-supported health care programs in both states and Indiana.
“This sale allows Humana to focus on developing innovative products that will better serve our members,” said Michael B. McCallister, Humana president and CEO.
The agreements must be approved by regulators in Texas and Wisconsin.
— From staff and wire reports
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Existing-home sales jump
Helping hand for sticky fingers
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Cleveland steel giant may fold
Industry notes: Manufacturing
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