SAN FRANCISCO, May 1, 2019 /PRNewswire/ -- Anka Behavioral Health, Inc. ("Anka" or "Company"), a premier behavioral healthcare corporation, announced today that it has begun the orderly wind down of all of its residential treatment programs and has initiated proceedings under chapter 11 of the United States Bankruptcy Code in the Northern District of California.
"Unexpected losses associated with Anka's expansion into new developmental service programs created financial difficulties for the company that are beyond its capacity to absorb," said Chris Withrow, President & CEO, Anka Behavioral Health, Inc. "It is truly a sad time for Anka, with close to 50 years of service to those with Behavioral Health problems. We are proud of the work we have done in supporting a higher quality of life for our clientele. Anka has always been blessed with the most caring and talented staff a company could ask for as they have truly been the heart and soul of this company. Consequently, Anka had no choice other than to seek the protection of chapter 11 bankruptcy so that it could accomplish an orderly wind down that would ensure the wellbeing of its clients, and provide the greatest possible opportunity for its employees, contractors and vendors to continue their services under new providers."
The wind-down of Anka's operations will be supported by financing provided by its secured lender. The Company anticipates that it will have accomplished the transfer of its patients to new providers within the next 4-6 weeks, subject to certain regulatory considerations and approvals.
Court filings as well as other information related to Anka's chapter 11 filing are available at filing are available at www.donlinrecano.com/ankabhi or by calling the restructuring information center toll free at: 1-888-444-4055 or submit an inquiry via e-mail to email@example.com.
The Company is represented by its legal advisor Trodella & Lapping and its financial advisor BPM LLP.
Media Contact: Jennifer E. MercerDonlin Recano Strategic Communications for Anka Behavioral Health, Inc.firstname.lastname@example.org
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SOURCE Anka Behavioral Health, Inc.
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