We advised Diversicare Health Services, Inc. (NASDAQ: DVCR, formerly Advocat) on the acquisition of seven skilled nursing facilities from Senior Management Services of America North Texas, Inc. (SMSA) for approximately $10.1 million. The transaction required a multifaceted team of attorneys working on healthcare, commercial finance and bankruptcy issues. The healthcare and bankruptcy attorneys worked together to advise our client on the purchase agreement and related operational issues associated with purchasing assets from SMSA. The transaction was approved by the U.S. Bankruptcy Court for the Northern District of Texas as part of SMSA's Chapter 11 plan. The commercial finance attorneys worked with Advocat and LaSalle Bank on the related financing, which consisted of a $16.5 million term loan and $15 million revolving credit facility.
Diversicare is a premier provider of long-term care services located primarily in the Southeast and Southwest.
This experience gained prior to joining Bass, Berry & Sims PLC.