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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.


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.


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.


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.


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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