Turnarounds & Workouts Recognizes Greenberg Traurig on List of ‘Top Successful Restructurings of 2020’
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Global law firm Greenberg Traurig, LLP was counsel in two restructurings named on the Turnarounds & Workouts “Successful Restructurings of 2020” list.
NEW YORK (PRWEB)
February 24, 2021
Global law firm Greenberg Traurig, LLP was counsel in two restructurings named on the Turnarounds & Workouts “Successful Restructurings of 2020” list.
Greenberg Traurig’s Restructuring & Bankruptcy Group advised on the following matters:
Company counsel for AAC Holdings, Inc. AAC Holdings, the publicly traded parent of American Addiction Centers, which operates 26 addiction recovery facilities in eight states, filed for Chapter 11 protection in Delaware with in excess of $550 million in debt. It pursued a toggle Chapter 11 plan whereby the debtor exposed the assets to a 363 sale process. The lenders ultimately became a plan sponsor. The plan was confirmed on Oct. 20, 2020—within 122 days of the bankruptcy filing. Pursuant to the confirmed plan, a portion of the prepetition secured bank debt and the debtor-in-possession (DIP) credit facility were rolled into exit financing. The participating lenders also received warrants in the company. A portion of the prepetition junior bank debt was converted into equity in the company. The team included Restructuring & Bankruptcy Practice Co-Chair David B. Kurzweil; Shareholders Nancy A. Peterman, Alison Elko Franklin, Eric J. Howe, and Dennis A. Meloro; and Associate Matthew A. Petrie.