- Doctors’ Hospital (The “Company”) was a 229-bed hospital and 50,000 square foot medical office building located on the north side of Houston serving the indigent and working poor population
- The Company was approximately 50% owned by a group of multi-cultural doctors
- The company received over 75% of its revenues from government-based insurance programs
- Beginning in 2003, the Company began experiencing declining admissions and a shift from Medicare to Medicaid managed care
- The owners were not in agreement on how to operate the hospital and hence the declining admissions
- The declining admissions coupled with reduced cash flow and a debt load of approximately $40.0 MM forced the Company to reorganize
- Chiron was engaged as the Investment Bank and Financial Advisor
- Chiron arranged a plan of reorganization
The owners were not in agreement on how to operate the hospital and hence the declining admissions.
The Chiron Solution
Chiron was engaged as the Investment Bank and Financial Advisor.
Chiron arranged a plan of reorganization.