LONG BEACH, Calif., May 23, 2018 /PRNewswire/ -- Elements Behavioral Health (the "Company"), a family of behavioral health programs located throughout the United States, announced today that it will execute an asset purchase agreement (the "Purchase Agreement") with a group of its First Lien Lenders ("Lenders"). To facilitate the sale, the Company has initiated proceedings under chapter 11 of the United States Bankruptcy Code in the District of Delaware ("Court").
All Elements Behavioral Health programs continue to provide its innovative and comprehensive programs and patient services.
"Our commitment to bringing life-changing treatments to our patients and their families is unwavering and we hope that through this process we can leverage new resources and build a strong financial foundation, so that we can continue to help people reclaim their lives from addiction and mental health issues," said Dr. David Sack, Chief Medical Officer and Interim Chief Executive Officer of Elements Behavioral Health. "Treatment centers remain open and the company will continue to serve existing and new patients. As we move forward with our restructuring, we expect operations to continue as normal across our facilities, and we are committed to supporting our employees and maintaining our relationships with our business partners and vendors. We look forward to better positioning the Company for long-term success and profitability."
Business will continue uninterrupted, and operations will be supported by debtor-in-possession (DIP) financing provided by the Company's Lenders. The Company anticipates the transaction will move swiftly with the sale approval occurring within 4-6 weeks of the bankruptcy filing and closing to occur thereafter, subject to certain regulatory approvals.
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 [email protected].
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. Mercer Donlin Recano Strategic Communications for Elements Behavioral Health 818-802-5199 [email protected]
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All Elements Behavioral Health programs continue to provide its innovative and comprehensive programs and patient services.
"Our commitment to bringing life-changing treatments to our patients and their families is unwavering and we hope that through this process we can leverage new resources and build a strong financial foundation, so that we can continue to help people reclaim their lives from addiction and mental health issues," said Dr. David Sack, Chief Medical Officer and Interim Chief Executive Officer of Elements Behavioral Health. "Treatment centers remain open and the company will continue to serve existing and new patients. As we move forward with our restructuring, we expect operations to continue as normal across our facilities, and we are committed to supporting our employees and maintaining our relationships with our business partners and vendors. We look forward to better positioning the Company for long-term success and profitability."
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Business will continue uninterrupted, and operations will be supported by debtor-in-possession (DIP) financing provided by the Company's Lenders. The Company anticipates the transaction will move swiftly with the sale approval occurring within 4-6 weeks of the bankruptcy filing and closing to occur thereafter, subject to certain regulatory approvals.
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 [email protected].
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. Mercer Donlin Recano Strategic Communications for Elements Behavioral Health 818-802-5199 [email protected]
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SOURCE Elements Behavioral Health
