Gibbins Advisors receives award for Healthcare/Life Sciences Deal of the Year (under $1B)
Gibbins Advisors was honored to receive the The M&A Advisor Award for Healthcare/Life Sciences Deal of the Year (under $1B) for the Chapter 11 Restructuring of skilled nursing provider in Iowa, Tabor Manor Care Center, together with our esteemed partners, Jeffrey D. Goetz of Dickinson, Bradshaw, Fowler & Hagen, P.C. as Debtor counsel and Jeanne M. Goche, MA, JD as Patient Care Ombudsman.
The engagement was led by Ronald Winters and supported by Tyler Brasher and Isabelle Premkumar.
It was a small case but one that we are proud of. Tabor Manor needed a restructuring plan that would secure its short-term stability and long-term viability. Under the approved Plan of Reorganization, the Company achieved:
Extension on the material QAAF obligation owed to the state, to be paid over 10 years instead of 18 months.
Extension on repayment of the secured loan, which was already past the original maturity date, to be repaid over a further 11.5 years.
Payment of many unsecured creditors.
Facility remains open, jobs preserved in the small Iowa town, and owners retained their equity interest.
For more information, download a copy of our case study or contact Ronald Winters at rwinters@gibbinsadvisors.com.
