Bankruptcy Section Obtains Confirmation of Plan of Reorganization for National Health Care Provider

February 27, 2018

In proceedings which have garnered national attention, the firm has successfully obtained confirmation of the plan of reorganization on behalf of Acadiana Management Group (“AMG”) and multiple affiliates seeking Chapter 11 relief. 
The ruling confirming the plan was rendered by the Bankruptcy Court for the Western District of Louisiana, with the objections of multiple creditors either resolved by stipulation or overruled.  The plan includes $23mm of exit financing from a publicly-traded healthcare company which previously invested in AMG, and also resolves potential litigation claims from the leveraged buyout of a partner.  Under the plan, seven health care facilities are recapitalized, and more than 1,000 jobs are saved.
Bradley L. Drell leads the firm’s Bankruptcy & Business Reorganization section, and was joined by Heather M. Mathews, B. Gene Taylor, III, and Chelsea M. Tanner in preparing the plan and related filings, and in addressing objections to the plan.