April 2018
Feature Article
-
New Tax Law Likely to Cause Pain for Healthcare Providers
The Tax Cuts and Jobs Act of 2017 (TCJA), signed by President Trump on December 22, 2017, has potential implications for nearly every segment of the healthcare industry. For healthcare providers, elements of the TCJA may increase pressure on operating profitability, which may, in turn, lead to an increase in restructuring, workout, and merger and […]
More from this Issue
-
A Taste of Our Own Medicine
The parallels between a distressed company and a patient in need of healthcare are endless. One of the analogies we use most frequently to describe our work as turnaround and restructuring professionals is that of an emergency room doctor. Depending on the severity of the ailment, we liken the downsizing, divestiture, or liquidation of a […] -
Newcomers: April 2018
Alabama Daniel Connell, Regions Bank Thomas B. Humphries, Sirote & Permutt PC Arizona Tyler Rives, Pivotal Group Inc. Atlanta Kevin Bishop, Renasant Bank Blake Goddard, AloStar Capital Finance Ellis J. Pointon Gary L. Selden Joe F. Upson, Loeb Term Solutions California – Northern Wistar Morris Chubb, B2B CFO Stewart Hanlon, White Oak Global Advisors LLC Drew […] -
Globe-Trotter
Joshua Cohen, president of the TMA Connecticut Chapter, ran seven marathons on seven continents in seven days recently in the 2018 World Marathon Challenge. Cohen was part of a 16-person group that called itself “Team Hold the Plane,” whose members raised more than $1 million for 11 organizations that included the ALS Association, Stand Up to Cancer, […] -
Mayday! Mayday! Mayday! Saving the Vermont Aerospace Company
Jeff Sands, CTP, of Dorset Partners; Larry Schwoeri of American Industrial Acquisition Corporation (AIAC); Jon Verbeck of Verbeck Associates; and Kristin Wainright of Tobin, Carberry, O’Malley, Riley & Selinger were recognized as winners of the TMA Small Company Turnaround of the Year Award for 2017 for their work with Vermont Aerospace Company. They recently spoke […] -
Winston Mar: Looking Ahead
Winston Mar, a partner and managing director of SierraConstellation Partners (SCP) in Los Angeles, provides advisory and interim management services to distressed companies that include setting strategic direction, performing creditor negotiation, and implementing productivity improvements. He has assisted companies in a variety of industries with their restructuring efforts, both out-of-court and in Chapter 11 proceedings, […] -
Distress Indices Reflect Increasing Trouble in Healthcare Sector
If restructuring professionals were asked whether the U.S. economy is currently weak or strong, they would likely offer varying answers depending on each professional’s experience. CFOs might answer entirely differently depending on the areas of business in which they operate. To avoid this kind of inherent subjectivity, the Polsinelli/TrollerBk Distress Indices deal strictly with data, […] -
Section 363(f) Provides Little Muscle in Healthcare Bankruptcy Cases
Picture this scenario: a 300-unit regional hospital in Ruraltown, USA, derives a significant amount of its revenue through its participation in government-sponsored Medicare and Medicaid programs and the hospital’s entitlement to prospective reimbursements from the government. Operations have been stagnant year-over-year for the past five years. Management tells the board that there can be no […] -
Funding the Post-Confirmation Trust When the Well Runs Dry
The average duration of large, public company bankruptcies has fallen sharply since the financial crisis. Remarkably, it took just over seven months in 2017 to administer a case.1 While this trend lowers costs and provides other benefits to the bankruptcy estate, it means that unsecured creditors must act quickly to protect their interests. The rapid […] -
The ‘Amazon-ing’ of Healthcare
Healthcare’s version of the Industrial Revolution is well underway. Over the last decade, five revolutionary forces1 have taken industry stakeholders by storm: the convergence of genetic and computer codes, advancements in mobile technologies, a negative return on capital, the integration of supply chains as the norm, and patient care that is moving away from hospitals […] -
Avoiding HIPAA Hurdles in Healthcare Provider Chapter 11s
A law firm just filed a Chapter 11 case in U.S. Bankruptcy Court for the District of Delaware. That can be a stressful time, but the attorneys are experienced and understand the protocols and related procedures. They did the exact same thing as they’d done with prior cases. This time, however, they quickly discovered that simply […] -
Preserving Value Amid Disruptive Forces Buffeting Healthcare Organizations
The public focus on making healthcare better, more cost effective, and increasingly convenient has resulted in a number of disruptive forces challenging organizations. A small disruption in profitability or timing of cash flows can have large ramifications, especially for companies that have used low interest rates to take on large debt levels. Leveraged balance sheets […] -
New Tax Law Likely to Cause Pain for Healthcare Providers
The Tax Cuts and Jobs Act of 2017 (TCJA), signed by President Trump on December 22, 2017, has potential implications for nearly every segment of the healthcare industry. For healthcare providers, elements of the TCJA may increase pressure on operating profitability, which may, in turn, lead to an increase in restructuring, workout, and merger and […] -
Navigating Change in Healthcare
Despite the strong stock market performance and the low interest rate environment, financial distress, as measured by the number of Chapter 11 bankruptcy filings, is gradually increasing in both general Chapter 11 and real estate. The exception to this “gradual” increase is in healthcare, which has seen filings spike to record-high numbers filings over the […]
Snapshot Article
Upcoming
2024 TMA Annual Conference
October 15 – 18, 2024
Loews Philadelphia
Philadelphia, PA