Promise Healthcare Group, LLC restructures and files for bankruptcy

Promise Healthcare Group, LLC and its affiliates conducted an out-of-court restructuring and bankruptcy filing. The Promise companies had over $200 million in assets and over $350 million in liabilities, including over $68 million in secured funded debt and over $200 million in funded intercompany debt.

Waller negotiated a series of forbearance arrangements with the Promise companies' senior secured lender; negotiated a number of asset sales including two short-term acute care hospitals, 14 long-term acute care hospitals, and two co-located skilled nursing facilities; prepared the company for bankruptcy filing, including the negotiation of debtor-in-possession financing; and represented the company through its bankruptcy case. At the time, the Promise companies' bankruptcy was one of the largest healthcare bankruptcies in the country.

For more information, see media coverage here.

Katie's Related Experience

Financial services company provides $145 million to hospital system

Represented administrative agent in documenting $145 million revolving credit facility to a hospital system exiting bankruptcy.

Middle-market specialty finance firm closes $15 million DIP revolving credit facility

Represented a specialty finance firm in structuring and closing a $15 million debtor-in-possession revolving credit facility to three acute care hospitals.

Promise Healthcare confirms plan of liquidation after successful closing of multiple sales

Negotiated the sale of a number of hospitals for Promise Healthcare and confirmed a plan of liquidation with significant recoveries for unsecured creditors.

View More of Katie's Experience