BRENTWOOD, Tenn., Dec. 14, 2020 (GLOBE NEWSWIRE) –– American Addiction Centers (AAC) announced today that it has successfully completed a financial restructuring process and emerged as a stronger company with limited debt, a robust balance sheet, and plans for long-term growth.
Having reduced debt by approximately $ million, AAC emerges with a capital structure that will ignite the next phase of growth for the nation’s largest company solely focused on fighting the disease of substance abuse disorder and revolutionizing treatment. AAC also announced the re-appointment of Andrew McWilliams as Chief Executive Officer and the creation of a new Board of Directors with extensive behavioral healthcare experience led by Bowen Diehl as Chairman.
“As we embark on this next chapter for AAC, we look forward to continuing to be a lifeline for the countless families in need of life-saving addiction treatment,” said McWilliams, who will also serve on the Board. “While we continue to evolve as a company, our commitment to provide the highest level of care to our patients has never wavered. We are thankful to the court and our senior secured lenders for recognizing the critical need for our services both now and in the future. We are excited to be positioned for growth as the first company to truly transform the treatment of substance abuse and I look forward to working with the Board as well as all of our dedicated staff to provide effective clinical care and treatment solutions and deliver on our mission.”
Diel to Chair Board of Directors
In addition to McWilliams, American Addiction Centers’ new seven-member Board of Directors will include Mr. Diehl as Chairman. He is the President, CEO and Director of Capital Southwest Corporation, which he joined in 2014 as Chief Investment Officer and then was appointed President and Chief Executive Officer in 2015. Mr. Diehl came to Capital Southwest from American Capital, Ltd. where he acted as Managing Director and Co-Head of the Sponsor Finance Group. While at American Capital, he served for eight years (2006-2014) as Chairman of the Board of The Meadows of Wickenburg, an Arizona-based provider of treatment for alcohol and drug addiction and other co-occurring disorders.
Greenberg Traurig, LLP served as the Company’s legal counsel, Carl Marks Advisory Group LLC acted as restructuring advisor and Cantor Fitzgerald & Co. served as the Company’s financial advisor. Stroock & Stroock & Lavan LLP served as legal counsel and FTI Consulting, Inc. served as financial advisor to the ad hoc group of lenders.
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient and outpatient substance abuse treatment services operating 26 facilities in eight states with more than 2,000 employees. We treat clients who are struggling with drug addiction, alcohol addiction and co-occurring mental/behavioral health issues. These facilities are focused on delivering effective clinical care and treatment solutions. For more information, please find us at AmericanAddictionCenters.org or call 866-244-1070 for help. We also offer several online resources for the public. Visit americanaddictioncenters.org/online-resources to learn more.