LONG BEACH, Calif., June 13, 2018 /PRNewswire/ -- Elements Behavioral Health (the "Company"), a family of behavioral healthprograms located throughout the United States, announced today that on June 5, 2018, it executed an asset purchase agreement (the "Purchase Agreement") with a group of its First Lien Lenders,
"Existing and new clients and their families can be assured that the sale secures our ability to continue to provide the life-changing treatments we are known for," said Dr. David Sack, Chief Medical Officer and Interim Chief Executive Officer of Elements Behavioral Health. "Elements Behavioral Health is appreciative of the support of Project Build, a consortium of our First Lien Lenders, led by BlueMountain Capital and Platinum Health Care founder, Ben Klein, and we look forward to working together to ensure the long-term success of our centers and programs. Since we began the chapter 11, operations have continued to run as before and we look forward to emerging in July as a stronger organization."
Key Elements of the Purchase Agreement:
"Elements has a sterling reputation and incredible staff. We are excited about this potential transaction and the opportunity to help build an even better company with outstanding services and support for existing and new clients and their families," said Ben Klein, Project Build Member and Platinum Health Care Founder.
The Project Build bid is subject to an auction at which it will be subject to higher and better offers, and requires Court approval. The Court has set a bid deadline of July 16, 2018, 4:00 p.m., prevailing Eastern Time; an auction date of July 18, 2018; and a Sale Hearing of July 19, 2018.
Court filings as well as other information related to the Elements Behavioral Health chapter 11 sale are available at www.donlinrecano.com/ebh or by calling information center toll free at 1-866-416-0554, or international toll at 1-212-771-1128, or submit an inquiry via e-mail to firstname.lastname@example.org.
The Company is represented by its legal advisor Polsinelli PC and its financial advisor Alvarez & Marsal.
About Elements Behavioral Health Elements Behavioral Health is a family of behavioral health programs located throughout the United States. The Elements Behavioral Health® family of programs offers comprehensive, innovative treatment for substance abuse, sexual addiction, trauma, eating disorders, and other mental health disorders. Through its programs, the company is committed to delivering clinically sophisticated treatment that promotes permanent lifestyle change, not only for the patient but for the entire family network. For more information, visit elementsbehavioralhealth.com.
Media Contact: Jennifer E. MercerDonlin Recano Strategic Communications for Elements Behavioral Health818-802-5199 email@example.com
View original content:http://www.prnewswire.com/news-releases/elements-behavioral-health-signs-asset-purchase-agreement-treatment-centers-remain-open-and-programs-continue-uninterrupted-300665717.html
SOURCE Elements Behavioral Health
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