$5,000,000 Restructuring & $3,500,000 Recapitalization
Company is a family medical practice based in Las Vegas that had been in business for over 10 years providing comprehensive health-care, primary care medicine, urgent care, internal medicine, pediatric care and in-patient hospital admissions.
The Company experienced setbacks due to a drastic decline in the local economy, the defection of one of three partners and other personal circumstances. The business was left with outstanding debt and high interest loans. In addition, secured creditors were threatening to repossess critical equipment.
Business Capital re-opened previously closed trade relations by deploying our proprietary Vendor Assurance Program. We successfully secured new credit agreements with critical suppliers and secured lenders, which renewed trade channels, restored credibility and preserved relationships with critical vendors. We worked carefully with each creditor to ensure integrity and good will were preserved and set the stage to allow relationships to move forward on stronger footing with improved communication. Additionally, we were able to increase their working capital securing a more affordable term loan and revolving line of credit targeted specifically to address the medical billing nature of the business and the client’s current and future needs.