Home Results Case Studies Skilled Nursing Facility Operator​
Skilled nursing operations successfully restructured and extended revolving credit facility ​

An operator of 80 SNFs faced negotiations with HHS over fraudulent billing; negotiations with its revolver lender; and senior subordinated credit holders.​ Management was looking for a CRO that would work with the management team/owners to solve significant financial problems. Issues included excessive operating costs and employee retention, as well as care issues impacting Star Ratings. ​

The Solution
Harney was engaged to work with the management team on settling with HHS ​
Negotiated a new revolving credit facility
Negotiated with subordinated credit holder
Oversaw the dispositions of four facilities​
Responsible for landlord negotiations​
Responsible for weekly borrowing base reporting and cash flow management​
The Results
Successfully restructured and extended revolving credit facility ​
Reached a settlement with HHS/DOJ on a Corporate Integrality Agreement and penalty payment. ​
Successfully sold and transferred 4 facilities to new operators​
Restructured revolving credit faculty​
Negotiated amendments to leases reducing monthly lease costs​
Built strong working relationship with revolving credit facility provider​
Services & Roles
Turnaround and Restructuring
Chief Restructuring Officer
Interim CFO
*Some engagements may have been performed by team prior to joining Harney Partners.