We completed the successful Chapter 11 bankruptcy reorganization for Nashville Pharmacy Services, LLC (NPS). The confirmed plan of reorganization provides for the continuation of business as usual, allows the current owner to keep his ownership interest in the entity, reduced the entity’s unsecured debt by approximately $20 million, and restructured its secured debt by extending by several years the maturity date on this debt, and obtaining a significantly lower rate of interest. NPS is a specialty pharmacy company headquartered in Nashville that primarily services patients with AIDS/HIV infection.
Representation of Nashville Pharmacy Services, LLC in Chapter 11 Bankruptcy
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Represented Old Time Pottery and OTP Holdings in the restructuring of its debt and lease obligations when the companies filed voluntary Chapter 11 cases in the Middle District of Tennessee in late June 2020 and emerged from bankruptcy with a confirmed plan of reorganization providing for new permanent exit financing and payment in full of allowed claims in November 2020.