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Thomas Health Officially Emerges from Chapter 11

As of Monday, September 28, Thomas Health has finalized all required documents and successfully emerged from the Chapter 11 process; just eight months after it sought protection to address its long-term indebtedness.

“We began the restructuring process with a clear goal of strengthening our balance sheet for long-term growth and success,” says Dan Lauffer, President and CEO of Thomas Health. “The ability to achieve our goal is a testament to our committed staff and physicians. We have ambitious plans for Thomas Health to further support not only our communities and patients but also our highly-skilled physicians and employees.”

Lauffer continued, “Congratulations to the Thomas Health board, employees, and physicians without whom, this process could not have been as successful as it was.”

Looking ahead, Thomas Health’s focus remains on expanding its services and enhancing patient care for the communities it serves, today and tomorrow.

(Original Story) Thomas Health’s Plan to Exit Chapter 11 is Approved

Thomas Health, along with its subsidiaries, announces it has reached an agreement with a new capital partner to fund a Chapter 11 plan of reorganization that allows the health system to emerge from Chapter 11 bankruptcy just over seven months after it sought protection to address its long-term indebtedness on January 10, 2020.

The plan, which was approved August 14th, includes terms that provide for the discounted refunding of nearly $145 million in outstanding bond debt. Rosemawr Management, an alternative investment firm focused exclusively on investing in the U.S. municipal market, will be providing the exit financing for Thomas Health.

“To be in the position to file a viable plan that will restructure and strengthen our balance sheet, while maintaining and continuing to treat our patients, especially during times as unprecedented as the last 90 days, is a testament to the hard work of our employees,” says Dan Lauffer, President and CEO.

Lauffer continued, “It’s business as usual at Thomas Health, and our team is here, fully prepared to meet patient care needs. This milestone is just the beginning of what we plan to achieve moving forward today and tomorrow. We have ambitious plans for Thomas Health to support not only our patients and community but also our highly-skilled physicians and committed employees.”

The Chapter 11 plan, which was negotiated with various case parties, contemplates a significant reduction of the company’s long-term debt. The plan will provide Thomas Health with the financial flexibility it needs to support further investment in its long-term growth, continue its mission to the community and strengthen its commitment to patients and employees. Thomas Health anticipates the required documents and financing will be completed by mid-September.

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