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Case Study: Long Term Care and Rehabilitation Provider
Bankruptcy Consulting, Liquidation Consulting
Company: $140 million provider of long-term care
and home-based rehabilitation services
Situation / Tasks Performed: Leverage and an excessive
overhead structure combined with reductions in long-term care reimbursements
had resulted in large operating losses on revenue. TRG was retained pre-petition
after the company had run out of cash, to prepare the company to operate
in a Chapter 11 proceeding. TRG also served as consultant to the debtor
during the proceeding.
TRG effectuated massive overhead reductions, negotiated a deed in lieu
with the secured party on most of the debtors nursing homes and convinced
management that the remaining business units should be sold and/or liquidated
in the interest of creditors.
Results: Management resigned and the Court appointed
a Chapter 11 trustee who retained TRG to assist with the orderly wind
down and sale of the debtor's remaining assets.
Nature of Assignment:
Primary: Bankruptcy Consulting
Secondary: Liquidation Consulting
Industry: Health Care; Social Assistance
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