American Addiction Centers Files for Bankruptcy in Delaware (1)

AAC Holdings Inc., the publicly traded parent of American Addiction Centers, filed for Chapter 11 bankruptcy protection.

The Brentwood, Tennessee-based company listed debt of $517.4 million and assets of $449.3 million in its filing in U.S. Bankruptcy Court in Delaware. The company said in a statement on its website that it expects to emerge from bankruptcy in 125 days after executing on a recapitalization plan that will slash its debt.

AAC lined up $62.5 million of initial financing that will allow it to maintain operations during the restructuring, according to a separate statement. The company, which operates rehab ...