From coast to coast,
– we keep business liquid in the US and Canada.
For over three decades, Accord Financial has
consistently provided fast, practical solutions
for companies in transition. Whether the need
is working capital for restructuring, acquisitions
or ramping up sales, put our strength and
experience to work.
Thomas L. Henderson
864 527 1407 . email@example.com
864 527 1402 . firstname.lastname@example.org
hospital sales—as a means to keep an
existing facility alive or to transfer a
CON to permit construction of a new
facility—are likely to be a substantial
part of the new landscape as well.
The surge of financial distress in the
municipal sector is likely to have a
significant effect on the health care
market, and transactions in the sector
should increase dramatically. J
1 For an example, see “Negotiations to Sell
Hospital Continue but . . .”, Hudson Reporter
(Feb. 27, 2011)(municipal hospital suffered
$21.7 million net loss in 2008 and $16.3
million net loss in 2009), available at www.
2 American Hospital Association, “Fast Facts on
Hospitals (2013), accessible at www.aha.org/
3 For a detailed discussion of the six exit
strategies in the context of public and private
businesses, see Bobby Guy, Distress To
Success: A Survival Handbook for Struggling
Businesses and Buyers of Distressed
Opportunities, (FreneticMarket Press, available
in April 2011); see also Bobby Guy, Six Ways
Out: Distress as the Art of Exit Strategies, The
Journal of Corporate Renewal (April 2008).
4 For example, former Indiana Gov. Mitch Daniels
once proposed township consolidations.
See, e.g., www.indianaeconomicdigest.
net/ main.asp?SectionID= 31&subse
5 Similar to a driver trying to make up time
who is stopped for speeding and loses
even more time dealing with authorities,
the municipality lacking money to pay
its debts owes more money when a
higher default rate of interest kicks in.
6 O. Kimhi, Reviving Cities: Legal Remedies
to Municipal Financial Crises, 88 Boston
Univ. L. R. 633, 648-49 and n. 78 (2008).
7 Id .
8 In some instances, the hospital may be its
own “municipality,” as in the case of hospital
districts in states like California. Hospital districts
generally qualify as municipalities eligible to file
Chapter 9 bankruptcy (as long as the state allows
Chapter 9 relief). The bankruptcy reorganization
of a public hospital district would not involve the
financial affairs of other municipal departments,
which would not be part of the bankruptcy.
Bobby Guy is a shareholder in the Nashville office
of Frost Brown Todd LLC, and Lindsey Fernow
Baker is a senior associate in the firm’s Cincinnati
office. Guy is a deal lawyer who specializes in fixing,
buying, and selling companies in special situations
nationwide, most often in the health care sector.
Baker practices in the areas of restructuring and
business bankruptcy. Guy can be reached at bguy@
fbtlaw.com or 615-251-5557, and Baker can be
reached at email@example.com or 513-651-6737.