American Addiction Centers file for bankruptcy
AAC Holdings, based in Brentwood, Tennessee, the publicly traded owner of drug treatment company American Addiction Centers, filed for Chapter 11 bankruptcy on June 20.
The company went bankrupt with a plan to reduce its debt and reposition its business for growth.
“We have been transparent about the need to reduce our debt, and this recapitalization will significantly improve our financial position, building on the progress we have already made to strengthen and improve our operations over the past year,” said said Andrew McWilliams, CEO of AAC Holdings. in a press release. “We aim to accelerate this process so that we can focus on accomplishing our mission: caring for patients in times of need.”
AAC said its facilities would operate normally throughout the bankruptcy process. Normal operating income and $ 62.5 million in additional funding will allow the company’s processing centers to remain open during the bankruptcy case, AAFC said.
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