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.
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Represented administrative agent in documenting $145 million revolving credit facility to a hospital system exiting bankruptcy.
Represented a specialty finance firm in structuring and closing a $15 million debtor-in-possession revolving credit facility to three acute care hospitals.
Negotiated the sale of a number of hospitals for Promise Healthcare and confirmed a plan of liquidation with significant recoveries for unsecured creditors.
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