The Nashville Post reported AAC Holdings’ main called a premature end to the grace period extended last October because the company remains in default on its loan and hasn’t provided a three-year business plan.
According to the Post, a group led by Credit Suisse last March lent $30 million to Brentwood, TN-based AAC as the company’s patient census was beginning to recover. AAC had taken a massive hit in the summer of 2018 after Google changed its search algorithms, gutting the company’s marketing pipeline.
According to a related 8-K filing, on January 9, 2020, the forbearing lenders delivered with Credit Suisse as administrative agent, served notice of the termination of the respective forbearance periods, citing the company’s failure to provide a three-year business plan.
The company is currently negotiating with the forbearing lenders to amend the agreements and reinstate the forbearance agreement.
