In re: First Humanics Corporation

Jan 01, 1991

OUTCOME: Chapter 11 Plan Confirmed

First Humanics Corporation was one of the largest not-for-profit long-term care providers to ever file a chapter 11 bankruptcy proceeding. This case involved twenty-one (21) nursing homes that were ac ... quired through the issuance of approximately $83,000,000 in I.R.C. § 501(c)(3) tax-exempt bonds. Flanagan represented the debtor in this proceeding and developed and confirmed the plan of reorganization which involved obtaining a $5,000,000 super-priority priming loan for use as post-confirmation working capital and numerous modifications to the existing bond documents to maximize the return to bondholders.