MedPartners Inc. said it has received U.S. Bankruptcy Court approval of its agreement with the state of California to shed its physician practice management assets. The company said the court has approved the sale of virtually all its remaining Southern California assets, including the Mullikin Medical Group and Southern California Medical Corporation (including the Friendly Hills clinics), to Riverside-based KPC Acquisition Corp. The agreement is expected to become effective in two weeks. The state seized control of Alabama-based MedPartners’ California operations in March and forced it to file for bankruptcy.
Vans Inc., the Santa Fe Springs footwear retailer and skate park operator, reported fiscal fourth-quarter net income of $819,000, or 6 cents per share, contrasted with a loss of $11.8 million, or 89 cents, last year, which reflected a one-time, after-tax restructuring charge and write-down. Sales rose 48% to $48.5 million.