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Healthcare

SOLIC professionals have been among the most active healthcare financial advisors, advising on the recapitalization or sale of over $5.0 billion of healthcare assets. SOLIC professionals have experience across the full healthcare industry continuum:

  • Acute Care Hospitals and Surgery Centers
  • Physician Services
  • Post-Acute Care
  • Ambulatory Care

MedCath Corporation

MedCath test tombstone

MedCath Corporation is a publicly-traded, national healthcare provider focusing on high-acuity services and specializing in the diagnosis and treatment of cardiovascular disease. SOLIC professionals served as performance improvement restructuring advisors, and exclusive financial advisors to evaluate and execute strategic alternatives. Specific services included: setting valuation parameters; development and execution of a disposition plan; development and implementation of appropriate communication strategies; identification of potential buyers; and, assistance in structuring and negotiating transactions. After assisting in the proper positioning of the portfolio holdings, SOLIC professionals were responsible for the structuring, negotiation and highly successful execution of a series of 14 transactions realizing a doubling of market value over the course of 18 months, with shareholder value appreciating from $7/share trading price to an anticipated distribution of realized proceeds in excess of $14/share.

MedCath test tombstone

Mission Health

Investment Banking

Company Description:

  • Mission Health is a $2 billion, 13,000 employee health system based in Asheville, North Carolina and includes a 770-bed teaching hospital, six regional hospitals, multiple ambulatory care facilities, an 800-plus provider group practice, a $100-plus million post-acute provider, a health plan and related services.

Engagement Objectives:

  • SOLIC was retained as financial Advisor to provide transition planning and wind-down oversight in connection with Mission Health’s sale to Hospital Corporation of America (HCA).

Result Highlights:

  • Developed a comprehensive wind-down plan for all assets and liabilities excluded from the sale transaction
  • Assisted the Hospital in negotiating key elements of the Transition Services Agreement
  • Currently serving as Chief Executive Officer / Chief Wind-Down Officer and Chief Financial Officer and are oversighting the wind-down of all remaining assets and liabilities
  • Currently oversighting the transition of over $1.4 billion in sale proceeds to the Dogwood Health Trust

ALLEGIANCE HEALTH

Investment Banking, Mergers & Acquisition

Company Description:

  • Allegiance Health (“Allegiance”) is a 480-bed community-owned health system in Jackson, Michigan with a 270-physician clinically integrated network and over 40 ambulatory locations.

Challenges Faced:

  • Despite being a sole community provider and having received the Malcom Baldrige Award for Quality, Allegiance had experienced declining market share due to increased competition from statewide health systems and outmigration of both patients and medical staff to neighboring cities such as Ann Arbor and Lansing. In addition, declining reimbursement rates from both commercial and government payors had resulted in a significant decline in profitability. To maintain its existing infrastructure and breadth of quality services, Allegiance determined it needed to partner with a large regional or national system health system.

Solutions Provided by SOLIC Professionals:

  • Served as the exclusive financial advisor to the Board of Trustees to identify and prioritize strategic needs and objectives, and to develop and qualify a list of strategic partners to optimize achievement of these strategic goals.
  • Managed the strategic alternative execution process, orchestrating a confidential solicitation process, providing valuation and due diligence support, and advising the Allegiance Board on structuring and negotiating the terms of the ultimate transaction.

Result Highlights:

  • Allegiance affiliated with Henry Ford Health System (HFHS), a five-hospital system headquartered in Detroit, Michigan and recognized as one of the nation’s leading integrated health systems.
  • As part of the affiliation, Allegiance joined HFHS’ obligor group, receiving a credit rating upgrade, and a capital commitment to finance a new flagship hospital.
  • Allegiance also received access and staffing from HFHS network of specialists, one of the largest academic medical groups in the U.S.

ROCKFORD HEALTH SYSTEM

Investment Banking

Company Description:

  • Located in Rockford, Illinois, Rockford Health System (“RHS”) is the largest and most comprehensive health system serving northwestern Illinois and southern Wisconsin, providing nearly one million patient encounters a year through Rockford Memorial Hospital, Rockford Health Physicians, the Visiting Nurses Association, and Van Matre HealthSouth Rehabilitation Hospital.

Challenges Faced:

  • As an Independent health system, RHS faced growing competition from large region health systems in Chicago and Wisconsin. This was resulting in outmigration and declining market share. In addition, RHS had an aging facility that required significant capital investment to remain competitive. As a result, RHS’ Board was seeking to partner with a larger regional or national health system that would support its long-term mission.

Solutions Provided by SOLIC Professionals:

  • Served as the exclusive financial advisor to RHS in exploring a full range of strategic partnership opportunities.
  • Led the transaction process, which entailed dialogue with prospective strategic partners, developing and implementing a competitive solicitation process, providing valuation and due diligence support, structuring and negotiating the terms of the System Formation Agreement, and performing a credit market assessment of the combined entity.

Result Highlights:

  • As a result of negotiations led by SOLIC professionals with several highly interested leading health systems, Mercy Health System, a not-for-profit, vertically integrated, multi-specialty health system executed the definitive agreements with RHS.
  • The newly-created multi-regional integrated health system consists of five hospitals, more than 550 physicians, and 80 outpatient clinics and other service sites that provide care to residents in more than 40 communities throughout northern Illinois and southern Wisconsin.

MedCath Corporation

MedCath test tombstone

MedCath Corporation is a publicly-traded, national healthcare provider focusing on high-acuity services and specializing in the diagnosis and treatment of cardiovascular disease. SOLIC professionals served as performance improvement restructuring advisors, and exclusive financial advisors to evaluate and execute strategic alternatives. Specific services included: setting valuation parameters; development and execution of a disposition plan; development and implementation of appropriate communication strategies; identification of potential buyers; and, assistance in structuring and negotiating transactions. After assisting in the proper positioning of the portfolio holdings, SOLIC professionals were responsible for the structuring, negotiation and highly successful execution of a series of 14 transactions realizing a doubling of market value over the course of 18 months, with shareholder value appreciating from $7/share trading price to an anticipated distribution of realized proceeds in excess of $14/share.

MedCath test tombstone

MESA MEDICAL GROUP

Investment Banking

Company Description:

  • MESA Medical Group (“MESA” or “the Company”) had established itself as the largest provider of Emergency Department services in Kentucky with over 20 hospital contracts and 400 physicians. As part of its growth strategy, MESA had expanded its service offerings to include Hospitalist Medicine and its geographic footprint to include Ohio, Indiana and West Virginia. As a result of its services commitment, MESA has forged long-tenured relationships with leading regional not-for-profit health systems, as well as publicly-traded hospital management companies.

Challenges Faced:

  • The Company had grown rapidly with the support of its private equity partners and was seeking a sale or recapitalization to provide liquidity to its institutional holders.

Solutions Provided by SOLIC Professionals:

  • Engaged as financial advisor to evaluate potential strategic alternatives, identify prospective acquirers, develop and implement a competitive solicitation process, provide valuation support, and structure and negotiate the terms of the sale transaction, as well as all related physician agreements.

Result Highlights:

  • After discussions with several leading physician staffing operators, MESA agreed to be acquired by Team Health Holdings (NYSE:TMH), one of the largest providers of outsourced physician staffing solutions for hospitals in the U.S.

Locum Connections

Investment Banking

Company Description:

  • Locum Connections LLC (the “Company”) is a leading provider of locum tenens staffing of hospitalists physicians. The Company has an established reputation for hospitalists, anchored by long-standing relationships with hospitals and health systems throughout the country. With a database of over 86,000 providers and an experienced and effective team of physician recruiters and client managers, the Company achieved placements of over 380 physicians in the last 24 months. The Company operated as a division of a diversified healthcare services provider and was seeking an acquirer with the resources to support the Company’s growth plan.

Engagement Objectives:

  • The Company management was seeking opportunities to consummate a business combination or sale with a growth-oriented, well-capitalized partner to assist the Company in continuing to pursue its growth initiatives in the healthcare staffing marketplace.

Solutions Provided by SOLIC Professionals:

  • Served as financial advisor to The Company pursuant to strategic alternatives
  • Developed and implemented a competitive solicitation process that resulted in a full valuation for the Company
  • Engaged with prospective acquirers, provided valuation support and structured and negotiated the terms of the sale transaction, as well as all related physician agreements

Result Highlights:

  • After discussions with several leading healthcare staffing operators, the Company agreed to be acquired by Aequor Healthcare Services (“Aequor”), a leading U.S.-based, contingent staffing and managed services solution provider specializing in workforce solutions to the healthcare, education and life sciences industries with nursing, allied health, clinical, scientific, regulatory, physician, IT, and therapeutic workforce needs. The transaction will accelerate the full growth potential of the Company by providing the Company’s management access to capital for growth and working capital investments and through the realization of the significant potential revenue synergies between Aequor and the Company. The Purchase Price represented a multiple of 5.4x pro forma EBITDA.

THE ATLANTA CARDIOLOGY GROUP, P.C.

Investment Banking

Company Description:

  • The Atlanta Cardiology Group, P.C. was a leading cardiology group practice in metropolitan Atlanta and one of the largest cardiology groups in the Southeast.

Challenges Faced:

  • As a result of increased employment of primary care physicians by health systems and reimbursement changes from leading commercial payors, Atlanta Cardiology was facing enhanced competition and growing challenges to its traditional referral networks as well as declining reimbursement. Atlanta Cardiology determined that its competitiveness could be significantly enhanced by affiliation with a regional health system.

Solutions Provided by SOLIC Professionals:

  • Served as financial advisor and orchestrated a competitive solicitation between the leading health systems in the metropolitan Atlanta area.

Result Highlights:

  • Valued, structured and negotiated the final terms of the sale transaction, realizing significant value for the stakeholders and optimal positioning within the successor organization for ongoing success.

MedCath Corporation

MedCath test tombstone

MedCath Corporation is a publicly-traded, national healthcare provider focusing on high-acuity services and specializing in the diagnosis and treatment of cardiovascular disease. SOLIC professionals served as performance improvement restructuring advisors, and exclusive financial advisors to evaluate and execute strategic alternatives. Specific services included: setting valuation parameters; development and execution of a disposition plan; development and implementation of appropriate communication strategies; identification of potential buyers; and, assistance in structuring and negotiating transactions. After assisting in the proper positioning of the portfolio holdings, SOLIC professionals were responsible for the structuring, negotiation and highly successful execution of a series of 14 transactions realizing a doubling of market value over the course of 18 months, with shareholder value appreciating from $7/share trading price to an anticipated distribution of realized proceeds in excess of $14/share.

MedCath test tombstone

SSM OF WISCONSIN

Investment Banking

Company Description:

  • With headquarters in Madison, Wisconsin, SSM of Wisconsin (“SSM”), is a comprehensive not-for-profit Catholic healthcare system that is owned and operated by SSM Health Care based in St. Louis, Missouri, one of the largest Catholic systems in the country. Upland Hills Health, located in Dodgeville, Wisconsin, was recently rated one of the Top 100 critical access hospitals in the country. SSM and Upland Hills operated St. Mary’s Dialysis Center in Madison, Wisconsin, the St. Clare Dialysis Center in Baraboo, Wisconsin, and the Upland Hills Health Dialysis Center in Dodgeville, Wisconsin. The dialysis clinics provided over 41,000 treatments annually with essential services to patients suffering from chronic kidney disease and end stage renal disease.

Challenges Faced:

  • Despite the demand for the dialysis programs, SSM and Upland Hills did not have the critical mass with either payors or pharmaceutical companies to make these clinics profitable, resulting in financial challenges for the parent health system. As a result, SSM made a strategic decision to divest the dialysis clinics.

Solutions Provided by SOLIC Professionals:

  • Served as the exclusive financial advisor in exploring a full range of strategic transaction opportunities available to the dialysis centers.
  • In advising SSM, the SOLIC team led the transaction process, which entailed dialogue with prospective strategic partners, developing and implementing a competitive solicitation process, providing valuation and due diligence support, and structuring and negotiating the terms of the agreement with Fresenius.

Result Highlights:

  • SOLIC professionals led negotiations with several leading dialysis providers. As a result, Fresenius, the largest provider of services to patients with kidney disease with a network of more than 2,150 dialysis facilities, entered into agreements to acquire and operate the dialysis centers as well as provide inpatient acute dialysis services at St. Mary’s Hospital in Madison, Wisconsin.

SIOUXLAND SURGERY CENTER

Investment Banking

Company Description:

  • Located in Dakota Dunes, South Dakota, the Siouxland Surgery Center (“SSC”) is a market-leading specialty hospital with 40 licensed beds and 14 operating rooms serving communities throughout Northwest Iowa, Southeast South Dakota, and Northeast Nebraska.

Challenges Faced:

  • SSC was seeking a partner that could expand its market position, increase range of service offerings, expand access to managed care networks and population health capabilities, create greater operating efficiencies through clinical integration, shared services, supply chain management and labor utilization, and ensure SSC has the requisite financial resources and access to capital to achieve its vision and mission to better position SSC for future growth.

Solutions Provided by SOLIC Professionals:

  • Served as the exclusive financial advisor to PhyCare Management Services, LLC (“PhyCare”), which is SSC’s physician-led and governed management services company, in exploring a full range of strategic partnership opportunities available to the Hospital.
  • Led the transaction process, which entailed dialogue with prospective strategic partners, developing and implementing a competitive solicitation process, providing valuation support and structuring and negotiating the terms of the joint venture with Mercy Medical Center and United Surgical Partners International (“USPI”).
  • Orchestrated an accelerated due diligence process, documented all transactional disclosure schedules and supported the organizations’ strategic planning process.

Result Highlights:

  • As a result of negotiations led by SOLIC professionals with several highly interested leading health systems, Mercy Medical Center Sioux City, a non-profit hospital and USPI, an owner of more than 215 surgical facilities, partnered to acquire a majority interest in SSC. Collectively, USPI and Mercy now own more than 51% of SSC. The new investment is designed to meet the needs of a growing community and will lead to more than $100 million in improvements to nearby facilities. Capital improvements will include a streamlined information technology system, a chronic disease registry and support for community health programs.

TENDER LOVING HEALTH CARE SERVICES, INC.

Restructuring, Investment Banking

Company Description:

  • Tender Loving Health Care Services, Inc. (“TLC”) was the largest privately held independent provider of home nursing and hospice services in the U.S. with 92 home health and 11 hospice agencies located in 22 states and the District of Columbia.

Challenges Faced:

  • Two months after TLC refinanced its existing credit facilities in connection with the acquisition of AccuMed and NorthWestern Memorial Home Health Care, TLC experienced (i) poor post acquisition integration, (ii) significant decline in revenues and breach of loan covenants, (iii) lack of urgency and accountability at all levels of management, (iv) bloated field care-giver cost structure, and (v) multiple underperforming and negative contribution margin branches.

Solutions Provided by SOLIC Professionals:

  • A SOLIC professional was appointed Executive Chairman in order to oversight the capital and operational restructuring.
  • Engaged as exclusive financial advisor to develop and implement value maximization strategies including a sale of the Company or its assets.
  • SOLIC professionals developed and implemented a performance improvement improving EBITDA by over $15 million annually and then orchestrated the sale of the company at significant premium to market multiples.

Result Highlights:

  • By leveraging the potential of a competitive auction process, SOLIC professionals were able to induce a premium pre-emptive bid from Amedisys (NASDAQ:AMED) for a cash price of $395 million. The transaction represented a premium valuation multiple in excess of 11.0x EBITDA.

MedCath Corporation

MedCath test tombstone

MedCath Corporation is a publicly-traded, national healthcare provider focusing on high-acuity services and specializing in the diagnosis and treatment of cardiovascular disease. SOLIC professionals served as performance improvement restructuring advisors, and exclusive financial advisors to evaluate and execute strategic alternatives. Specific services included: setting valuation parameters; development and execution of a disposition plan; development and implementation of appropriate communication strategies; identification of potential buyers; and, assistance in structuring and negotiating transactions. After assisting in the proper positioning of the portfolio holdings, SOLIC professionals were responsible for the structuring, negotiation and highly successful execution of a series of 14 transactions realizing a doubling of market value over the course of 18 months, with shareholder value appreciating from $7/share trading price to an anticipated distribution of realized proceeds in excess of $14/share.

MedCath test tombstone

Memorial University Medical Center

Restructuring, Investment Banking

Company Description:

  • Memorial Health, Inc. (the “Hospital”) operates as a level 1 trauma, acute care academic medical center affiliated with Mercer University School of Medicine. Located in Savannah, Georgia, the Hospital is organized as a private 501(c)3 non-profit corporation and leased the associated real property from the Chatham County Healthcare Authority.

Engagement Objectives:

  • SOLIC professionals were retained jointly by the Hospital Board of Directors and the Chatham County Healthcare Authority to assist in the closing of the sale of assets of the Hospital to an affiliate of Healthcare Corporation of America in exchange for total cash consideration of approximately $450 million.

Solutions Provided by SOLIC Professionals:

  • Developed a comprehensive wind-down plan for all assets and liabilities excluded from the sale transaction
  • Assisted the Hospital in negotiating key elements of the Transition Services Agreement
  • Currently serving as Chief Executive Officer / Chief Wind-Down Officer and Chief Financial Officer and are oversighting the wind-down of all remaining assets and liabilities
  • Developed detailed wind-down budgets and plans in advance of the transaction closing in order to size escrow holdback amounts necessary to run-off retained asset and liabilities
  • Currently oversighting the run-off of all remaining assets including: $100 MM of accounts receivable, ownership interests in various outpatient facilities
  • In charge of the run-off of all corporate liabilities including debt, pre-closing unassumed contracts, malpractice liabilities and other retained liabilities

Result Highlights:

  • Post-closing, SOLIC professionals are serving as Chief Executive Officer/Chief Wind-Down Officer and Chief Financial Officer of Memorial Health, Inc. and are charged with collecting all of the Hospital’s accounts receivable, monetizing various ancillary services that were retained post-closing, and running off the excluded liabilities, such as significant malpractice and other healthcare liability claims.

COMMUNITY MEMORIAL HEALTHCENTER

Investment Banking

Company Description:

  • Community Memorial Healthcenter (“CMH”) owns and operates an acute care hospital and long-term care facility providing comprehensive medical, surgical and long-term care services for the residents of Southern Virginia and Northern North Carolina.

Challenges Faced:

  • CMH had a 50-year old, obsolete hospital facility and was experiencing challenges recruiting physicians and retaining patients. The problem was compounded by the fact that several neighboring communities had recently built new hospitals with investment from for-profit operators. The Company’s strategic alliance with VCU Health System had not resulted in any capital to construct a new facility.

Solutions Provided by SOLIC Professionals:

  • Served as financial advisor to CMH’s Board of Directors.
  • Reviewed CMH’s financial position and operating trends, evaluated capital strategic alternatives for the hospitals.
  • Managed a competitive solicitation process that included regional health systems, national for-profit operators and faith based systems.
  • Assisted Board of Directors in selecting, structuring, negotiating, and closing a strategic transaction.

Result Highlights:

  • Planned and executed a successful solicitation process that culminated with an affiliation and integration with Virginia Commonwealth University, a major, urban public research university with 13 schools and one college

Coshocton County Memorial Hospital

Restructuring

Company Description:

  • Based in Coshocton, Ohio, Coshocton County Memorial Hospital (“CCMH” or the “Hospital”) operates as a general acute care hospital with twelve primary care and specialty physician clinics across central Ohio. The Hospital is organized as a private 501(c)3 non-profit corporation and is a Medicare-designated Sole Community Hospital.

Challenges Faced:

  • As a result of its tight liquidity position, existing financing obligations, and competitive pressures negatively impacting its patient revenue, the CCMH filed a petition for protection under Chapter 11 of the U.S. Bankruptcy Code.

Solutions Provided by SOLIC Professionals:

  • Served as the interim Chief Restructuring Officer and Chief Financial Officer and provided support staff to support a full range of restructuring initiatives at the Hospital.
  • In role as interim CRO/CFO, managed and oversaw the Hospital’s financial operations, vendor relations, liquidity controls and developed a rolling 13-week cash forecast related to debtor-in-possession financing.
  • Supported the Hospital’s management in the oversight, implementation and execution of certain operational improvement initiatives prior to and during the bankruptcy filing.
  • Initiated and led a broad solicitation process contacting various asset-based lenders, healthcare finance companies and specialty lenders to provide the Hospital rescue financing in support of its tight liquidity and funding operational improvement initiatives.

Result Highlights:

  • The SOLIC led process resulted in a structured solution in which the Hospital entered into a debtor-in-possession financing agreement and eventual change-of-control asset sale agreement with Prime Healthcare Foundation (“Prime”), a not-for-profit organization affiliated with Prime Healthcare, a national hospital management company based in California with 43 acute-care hospitals in 14 states. Under its asset purchase agreement, Prime acquired substantially all of CCMH’s assets, has committed to keep the hospital operating as an acute-care facility, maintain all current service lines at the Hospital, and retain substantially all of CCMH’s employees. The transaction, valued at $36.0 million, allowed CCMH to operate as a well-capitalized hospital with a proven healthcare system providing it with access to industry-leading systems as well as significant capital for facilities improvements, technology and equipment.

MedCath Corporation

MedCath test tombstone

MedCath Corporation is a publicly-traded, national healthcare provider focusing on high-acuity services and specializing in the diagnosis and treatment of cardiovascular disease. SOLIC professionals served as performance improvement restructuring advisors, and exclusive financial advisors to evaluate and execute strategic alternatives. Specific services included: setting valuation parameters; development and execution of a disposition plan; development and implementation of appropriate communication strategies; identification of potential buyers; and, assistance in structuring and negotiating transactions. After assisting in the proper positioning of the portfolio holdings, SOLIC professionals were responsible for the structuring, negotiation and highly successful execution of a series of 14 transactions realizing a doubling of market value over the course of 18 months, with shareholder value appreciating from $7/share trading price to an anticipated distribution of realized proceeds in excess of $14/share.

MedCath test tombstone

Greenfields of Geneva

Restructuring

Company Description:

  • Friendship Village of Mill Creek, NFP (d/b/a Greenfields of Geneva) is a not-for-profit CCRC, with 147 Independent Living Units, 51 Assisted Living Units, 26 Memory Units and 43 SNF Beds, located in Geneva, Illinois just outside of Chicago.

Engagement Objectives:

  • SOLIC was retained as financial advisor to the Company and the Special Committee to the Board of Directors in conjunction with an evaluation of its strategic alternatives and certain operational restructuring activities, including services related to Greenfields’ filing of a petition for protection under Chapter 11 of the U.S. Bankruptcy Code.

Solutions Provided by SOLIC Professionals:

  • Review of strategic alternatives to effectuate a sale, change of control transaction, and/or stalking horse bid or consensual pursuit of optimal value recovery alternatives for stakeholders
  • Review and evaluate the Company’s materials and communications in conjunction with its pursuit of strategic alternatives
  • Review and assess written offers received by interested parties seeking to acquire the operations and facilities, including the Stalking Horse Bid with its existing sponsor, Friendship Senior Options (FSO)
  • Assistance with respect to negotiations with other capital structure constituents, including senior secured creditors, in order to align interests based on current market conditions and existing debt capacity
  • Review detailed damages assessments and recovery opportunities for existing and potential litigation matters
  • Execution support for the prevailing bidder’s pending Plan Support Agreement (PSA) necessary to effect a change of control transaction via Bankruptcy Court approval
  • Monitor and report to the Company and Bond Trustee the Company’s compliance with its agreements for use of cash collateral and any related agreements used in the bankruptcy case
  • Review and validate the Company’s compliance with debtor-in-possession cash budgets created by the Company and, based upon such variances, advise the Company with respect to its sources and uses of cash on a weekly basis
  • Provide additional bankruptcy support services, as requested by the Company, relevant to the Company’s recovery initiatives.

Result Highlights:

  • The Company entered into a PSA in order to effect a recapitalization with FSO, which was the highest and best offer resulting from the evaluative solicitation process. The PSA was later approved by the Bankruptcy Court once new bond financing was finalized, which resulted in (i) an optimized recovery for the existing senior secured creditors and (ii) a reorganized Greenfields entity to emerge from bankruptcy with a new infusion of capital and recapitalized bond indebtedness.

Glenmoor

Restructuring

Company Description:

  • Life Care St. Johns, Inc. (d/b/a Glenmoor) is a not-for-profit Continuing Care Retirement Community with 157 Independent Living Units, 36 Assisted Living Units, and 30 SNF Beds, located in World Golf Village near St. Augustine, FL.

Engagement Objectives:

  • SOLIC was retained in connection with a comprehensive operational and capital restructuring, which was implemented via a Chapter 11 Bankruptcy filing.

Solutions Provided by SOLIC Professionals:

  • Evaluated Glenmoor’s competitive market position
  • Identified and quantified various revenue enhancement and cost saving opportunities and oversight with regard to implementation of same
  • Reviewed and validated historical financial performance and extended projections
  • Developed 13-week cash flow forecast to assist in cash management
  • Financial advisor to Glenmoor during Chapter 11 Bankruptcy process
  • Facilitated an auction process of the Glenmoor (the “Market Test”) during the Chapter 11 Bankruptcy
  • Developed feasibility analysis which enabled Glenmoor to exit Chapter 11 Bankruptcy and continue as a going concern

Result Highlights:

  • Engaged in tri-party negotiations with Bondholders, Refund Queue Claimants (“RQ”), and OIR with regard to a consensual restructuring and Corrective Action Plan (“CAP”)
  • Effected comprehensive capital restructuring via Chapter 11 Bankruptcy filing, materially consistent with terms agreed to by the Bondholders and RQ Claimants on a consensual basis:
    • » Bondholder Claims Restatement: 75% 34-year Current-pay and 25% 34-year Non-current pay cash flow note
    • » RQ Claims Restatement: 60% 5-year Current pay note and 40% 34-year non-current pay cash flow note
    • » Contribution of additional consideration by Glenmoor’s sponsor
    • » Significant compromise of general unsecured claims and 100% compromise of inter-company indebtedness

The Pointe Group

Investment Banking

Company Description:

  • The Pointe Group is an operator of multiple skilled nursing and assisted living facilities located throughout the Boston and Cape Cod areas.

Engagement Objectives:

  • SOLIC was served as exclusive financial advisor to evaluate its competitive positioning, identify various cost-saving initiatives, and pursue and evaluate strategic alternatives.

Solutions Provided by SOLIC Professionals:

  • Initiated and led a robust solicitation process and negotiated with several interested bidders

Result Highlights:

  • Successfully sold certain facilities representing 317 senior living units to Epoch Senior Living for $30 million in an out-of-court, value-maximizing transaction for the various stakeholders

Representative experience includes transactions led by SOLIC professionals at predecessor firms