American Addiction Centers Files Bankruptcy Plan Hoping for Sale

American Addiction Centers’ bankrupt parent and affiliates filed a two-option reorganization plan that envisions either selling the centers to pay lenders and administrative expenses or giving lenders equity in the reorganized business.

Both options intend to preserve its value as a going concern and save employees’ jobs, according to the disclosure statement filed July 25 in the U.S. Bankruptcy Court for the District of Delaware. The plan was filed the same day.

The Brentwood, Tenn.-based company, which operates addiction recovery facilities in seven states, filed Chapter 11 June 20. The facilities have remained open during the pandemic.

Prior to ...