MedCath Corp.’s (Nasdaq: MDTH) board has formed a committee of independent directors to consider options available to the hospital operator. The Charlotte, N.C.-based company will review the possible sale of the entire company, individual hospitals and other assets. Navigant Capital Advisors will assist in the process as financial adviser. Edward Casas, a senior managing director at Navigant Capital Advisors, resigned from MedCath’s board and didn’t seek re-election during an annual meeting earlier in March. For the first quarter ended Dec. 31, MedCath swung to a loss of $1.8 million from net income of $5.4 million a year earlier. Revenue also fell to $147.3 million from $150.2 million.
L-1 Identity Solutions Inc. (NYSE: ID) has retained Goldman Sachs & Co. and Stone Key Partners LLC as financial advisers to help with the review of strategic alternatives, including the possible sale of the supplier of products and services designed to protect personal identities. For 2009, L-1 Identity Solutions narrowed its losses to $4.2 million from $551.6 million a year earlier. Both periods include items such as a non-cash impairment charge of $528.6 million in 2008. Revenue also rose 16 percent to $650.9 million from $562.9 million. The Stamford, Conn.-based company’s revenue growth reflects the purchase of Digimarc Corp.’s identification card business in August 2008.
TNR Gold Corp. is leaning on British Swiss Investment Corp. to help with a strategic review of options for the Canadian-based metal exploration company’s Los Azules project. TNR Gold might pursue one or a combination of alternatives it is considering for the project, which is located in the San Juan Province of Argentina. These include a possible sale of all or a portion of the project; a joint venture; and an equity, debt or convertible financing. TNR Gold holds a 25 percent back-in right to some of the properties, but the terms of this right are subject of a legal dispute with Xstrata PLC.
Deere & Co. will mull options available for its wind-energy portfolio. The Moline, Ill.-based company hired Goldman, Sachs & Co. as its exclusive financial adviser to help with the review. The business includes 34 wind energy projects that have an operational capacity of 706 megawatts. It also includes several wind farm projects in development. Deere has invested in its wind energy business for the past five years and the portfolio is worth around $1 billion. For the first quarter ended Jan. 31, Deere’s net income rose to $243.2 million from $203.9 million a year earlier, despite a 6 percent decline in total revenue.