|By PR Newswire||
|February 25, 2014 04:17 AM EST||
PHOENIX, Feb. 25, 2014 /PRNewswire/ -- Restora Healthcare (Restora), an operator of two long-term acute care hospitals and skilled nursing facilities in Phoenix, today announced it has filed for chapter 11 protection to recapitalize and reorganize its business. Restora's secured lender, Healthcare Finance Group (HFG) will continue its support of Restora with court-approved funding for Restora's payroll, suppliers, staff physicians and others during the bankruptcy.
"The census across our two facilities is near all-time highs and we will continue to provide best-in-class care for our patients in the greater Phoenix marketplace during the chapter 11 process. Our talented and dedicated professionals will continue to be paid on normal payroll dates and patients will continue to be treated by Restora's high quality nursing and professional staff," said George D. Pillari of Alvarez & Marsal Healthcare Industry Group LLC, who is serving as Chief Restructuring Officer.
Restora's current revenue-cycle management firm, Acuity Healthcare, has agreed to invest new capital in the business and has been contracted to provide management services upon emergence from the reorganization process. Joining Acuity's management efforts will be Tutera Senior Living & Healthcare, a highly regarded specialist in skilled nursing facility management. Tutera will also be making an equity investment, as will Healthcap Partners, a long-time investor in the post-acute business.
It is expected that Restora will emerge from the chapter 11 process in 60 to 90 days. HFG will be providing debtor-in-possession financing for the pendency of the case and has reached agreement with the parties on a post-emergence loan package.
Contact: Erica Lister
SOURCE Restora Healthcare
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Sep. 29, 2016 11:30 PM EDT Reads: 1,195
Sep. 29, 2016 10:30 PM EDT Reads: 4,033
Sep. 29, 2016 10:15 PM EDT Reads: 2,789
Sep. 29, 2016 10:00 PM EDT Reads: 1,805
Sep. 29, 2016 09:45 PM EDT Reads: 3,128
Sep. 29, 2016 08:45 PM EDT Reads: 2,213
Sep. 29, 2016 08:45 PM EDT Reads: 1,547
Sep. 29, 2016 06:15 PM EDT Reads: 3,687
Sep. 29, 2016 06:00 PM EDT Reads: 1,540
Sep. 29, 2016 05:15 PM EDT Reads: 2,856
Sep. 29, 2016 05:15 PM EDT Reads: 1,584
Sep. 29, 2016 04:45 PM EDT Reads: 3,450
Sep. 29, 2016 04:45 PM EDT Reads: 2,796
Sep. 29, 2016 04:30 PM EDT Reads: 1,345
Sep. 29, 2016 04:30 PM EDT Reads: 1,965