Addiction Center Chain's Ch. 11 Reorganization OK'd In Del.
Law360 (October 20, 2020, 9:40 PM EDT) -- American Addiction Centers Inc. secured confirmation in Delaware late Tuesday for a Chapter 11 plan that will reorganize rather than sell its multistate drug rehabilitation and behavioral treatment chain, with creditors gaining a larger stake in the venture.
During a hearing, U.S. Bankruptcy Judge John T. Dorsey approved AAC's second amended plan after a last-minute flurry of compromises and concessions, including provisions for a litigation trust formed to pursue claims against former directors and officers or other parties for the benefit of unsecured creditors and junior lenders.
Under the plan, the 26-facility chain would emerge with the support of a term...
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