Elements Behavioral Health will execute an asset purchase with a group of its first lien lenders. To facilitate the sale, the company has filed Chapter 11 in the District of Delaware
“Our commitment to bringing life-changing treatments to our patients and their families is unwavering and we hope that through this process we can leverage new resources and build a strong financial foundation, so that we can continue to help people reclaim their lives from addiction and mental health issues,” said Dr. David Sack, chief medical officer and interim CEO of Elements Behavioral Health
Business will continue uninterrupted, and operations will be supported by debtor-in-possession (DIP) financing provided by Project Build Behavioral Health, according to court filings. The DIP loan consists of a senior secured superpriority loan up to an aggregate amount of $14.2 million with $4.7 million available on an interim basis.
The company is represented by its legal advisor Polsinelli and its financial advisor Alvarez & Marsal.
Elements Behavioral Health is a family of behavioral health programs located throughout the U.S.
