Addiction Center Biz Proposes Del. Ch. 11 Sale Or Turnover
Law360 (July 27, 2020, 6:41 PM EDT) -- American Addiction Centers Inc. filed a Chapter 11 plan and accompanying disclosure statement over the weekend in Delaware that calls for optionality between an all-asset sale or a more straightforward reorganization of its balance sheet.
In the documents filed Saturday, the debtor said the sale option would be pursued only if an offer comes in that fully satisfies all administrative and priority claims against the company as well as post-petition financing claims and the claims of senior lenders.
In the absence of such an offer for an all-asset transaction, the stand-alone reorganization plan would be pursued by the debtor, according to...
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