Promise Healthcare Group, LLC and certain of its affiliates filed for Chapter 11 bankruptcy protection in November 2018. As of the petition date, the Promise debtors operated two short-term acute care hospitals, fourteen long-term acute care hospitals, and two skilled nursing facilities and 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 secured funded intercompany debt.
Waller negotiated the sale of almost twenty general medical-surgical and long term acute care hospitals and skilled nursing facilities. Waller also negotiated a settlement between the official committee of unsecured creditors and the ultimate beneficiaries of Promise's intercompany debt, allowing the Debtors to propose and confirm a plan of liquidation that will yield significant recoveries for unsecured creditors.
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.
Serving as lead debtor's counsel to Promise Healthcare in its restructuring and pending bankruptcy.
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