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Stock Market & Financial Investment News

News Breaks
February 19, 2013
06:12 EDTCCRN, ICLRCross Country Healthcare completes sale of clinitical trial serviecs business
Cross Country Healthcare (CCRN) announced it has completed the previously announced sale of its clinical trial services business to ICON (ICLR) for $52M, plus an earn-out of up to $3.75M related to certain performance-based milestones. Cross Country Healthcare used a portion of the net proceeds from this transaction to repay all $29.3M of its outstanding bank debt. As a result of this sale, Cross Country Healthcare's clinical trial services business segment will become discontinued operations and will be reported as such on its financial statements for all applicable periods presented in the Company's upcoming financial reporting for the fourth quarter and year ended December 31, 2012.
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