Tuesday, May 21, 2024

Hanger Talk

Stephan Manucharian

Dear subscribers,

There have been much talk about and around Hanger recently. Most must have

read a news note about Hanger-NovaCare dispute in July Bio-Mechanics,

if you havn’t, here it is:

Arbitrator settles terms of NovaCare sale

An independent arbitrator ruled that NAHC (formerly NovaCare) of King of

Prussia, PA, must pay $25.1 million to Hanger Orthopedic Group of Bethesda,

MD, resolving a dispute over the value of NovaCare O&P at the time of its sale

to Hanger.

The original purchase agreement called for a decrease in the purchase price

paid by Hanger for NovaCare if NovaCare O&P’s working capital fell below a

certain amount by the end of June 1999. Hanger and NovaCare disagreed on the

amount by ‘Which the

purchase price should be decreased. NAHC will pay Hanger $10.1 million

directly and $15 million from an escrow account established at the time of the

sale.

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