PET imaging services provider Molecular Imaging of San Diego said that it will return four mobile scanners to GE Healthcare Financial Services after talks broke down over the restructuring of an equipment leasing deal for the units.
The company reported earlier this year that it defaulted on lease agreements with GE, Siemens Financial Services, and Ascendiant PET-Partners-I, and received a notice of default from agents of Citicorp Vendor Finance. Molecular Imaging negotiated forbearance agreements from Siemens, PET-Partners, and Citicorp that call for it to make payments of one-third of its monthly obligation to each of the firms through September 30.
The company had hoped to negotiate a similar deal with GE, but the two sides were unable to reach mutually agreeable terms. As a result, Molecular Imaging will return the four units to GE, according to filings the company made with the Securities and Exchange Commission. Molecular Imaging had previously returned two mobile scanners to GE.
Molecular Imaging said that the six systems leased from GE contributed approximately 24% of the company's revenues in the last fiscal year. The company intends to minimize the impact of the loss of the systems by servicing its customers with other equipment or by obtaining additional equipment.
By AuntMinnie.com staff writers
August 10, 2005
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