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Based in Houston, Texas, Century Care of America owned five skilled
nursing and long term health
facilities throughout Texas.
The company provided healthcare
services primarily through
third-party administration
of skilled nursing services
under Medicare and long-term
care services under Medicaid.
Chiron Financial Advisors, L.L.C. was retained by
the official committee
of unsecured creditors
to evaluate the company's
operations and financial
condition and to evaluate
and develop alternatives
to the company's proposed
plan of reorganization.
The unsecured creditors
achieved a significant
recovery over the initial
plan of reorganization
which was filed early in
the case.
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Clinical Labs USA, Inc. (CLUSA) was the leading provider of clinical
diagnostic services to
the nursing home industry.
CLUSA was formed through
the simultaneous acquisition
of the three leading providers
of clinical diagnostics
to the nursing home industry.
This is known as a roll-up.
In the process of this
roll-up, there were many
due diligence flaws in
that it was not a merger
of equals and in fact,
there were outstanding
judgments against some
of the merged entities.
Chiron Financial Advisors, L.L.C. was engaged by the
board of the CLUSA holding
company to provide financial
alternatives which included
a Chapter 11 bankruptcy
filing for one of the subsidiary
companies.
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Doctors' Hospital is a 229-bed Houston hospital and 50,000-square-foot
medical office building
serving the indigent and
working-poor population.
The company receives more
than 75% of its revenues
from government-based insurance
programs. In
2003, the company began
experiencing declining
admissions and a shift
from Medicare to Medicaid
managed care. The declining
admissions coupled with
reduced cash flow and a
$40 million debt load
forced the company to seek
reorganization in Chapter
11bankruptcy protection.
Chiron Financial Advisors, L.L.C. was engaged as the
investment bank to the
official unsecured committee
and successful in facilitating
a reorganization.
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Through (13)-retail pharmacies geographically dispersed in the
Southern United States, Safescript Pharmacies, Inc. headquartered
in Longview, Texas, targets niche patient populations not effectively
serviced by most retail pharmacies and emphasizes specialty medications
that require special handling or packaging. In addition, the company
provides services related to eligibility, fulfillment, insurance
verification/authorization and payment. Chiron Financial Advisors, L.L.C. had been engaged
by Safescripts to advise in a Section 363 sale of substantially
all of its assets.
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TrueMRI, founded in 2002, is a pioneer in multi-positional
weight-bearing magnetic
resonance imaging service
in California. TrueMRI
had developed proprietary
software for interpreting
and delivering radiological
services. The company had
grown to approximately
$50 million in revenue
with a 24% EBIDTA
margin by 2006. Chiron Financial Advisors, L.L.C.
was engaged to provide
financial advisory services
relating to a private equity
offering.
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