Citrus Universal Healthcare Announces Agreement to Purchase Universal Health Care; Bankruptcy Court Approves Transaction, Industry Specialists Alvarez & Marsal Enlisted to Lead Turnaround

Citrus Committed to Serving Members and Stabilizing Universal Network for Long-Term Growth

March 12, 2013, 1:31 p.m. EDT

TAMPA BAY, Fla., Mar 12, 2013 (BUSINESS WIRE) -- Citrus Universal Healthcare, Inc. (Citrus) today announced the United States Bankruptcy Court for the Middle District of Florida has approved its offer to purchase the four operating entities of Universal Health Care Group, including all of Universal's Medicare health plans, subject to regulatory approval. Citrus, a national entity based in Delaware whose backers have a long track record of success turning around healthcare companies, will move forward with state regulatory processes to purchase the St. Petersburg-based company.

Citrus is pleased to announce that it will be working with Alvarez & Marsal to stabilize the company and focus on servicing customers and providers in order to improve the network and position it for long-term success. The leader in turnaround management and corporate restructuring, Alvarez & Marsal brings deep expertise in healthcare services and managed care operations to the Florida market to lead Universal's turnaround and resolve operational business challenges.

"We have incredible confidence in our ability to turnaround Universal, if given the opportunity, with the expertise of Alvarez & Marsal and look forward to improving the company to position it to provide long-term quality and service for all members," said Spencer Baretz, official spokesperson for Citrus Universal Healthcare. "We understand the company has faced challenges and our immediate priority is to stabilize the company and restore relationships with current members and providers, who we look forward to serving."

As the regulatory process continues, Alvarez & Marsal deployed a large team of seasoned industry experts to Universal headquarters on March 4. The team brings more than 200 years of collective industry-specific turnaround experience and began its work immediately. The team is led by Ed Griese, national leader of Alvarez & Marsal's health plan business unit.

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SOURCE: Citrus Universal Healthcare, Inc.