Financial Advisor to a Behavioral Health Facility Under Chapter 11 Protection
This case involved a management team that was impassioned with helping the patients, but completely lacked focus on the actual management of the business. None of the prior internal or external accountants were involved anymore with the company by the time Inglewood got involved and it appeared that the accounting records were incomplete. The company was made up of a number of affiliated entities that suffered from commingled transactions which complicated the poor recordkeeping. Inglewood was able to identify and present to debtor's counsel the very negative financial trends and challenges faced by the company. Inglewood assisted in the closing of the company's books which had been many months delayed. Additionally, Inglewood worked with company personnel to identify significant cost reductions which improved cash flows and allowed the company to keep its doors open until the appropriate path for the business could be determined. Ultimately, the extent of the financial and operational issues, the depth of insolvency, and the lack of viable options resulted in the decision to close operations.