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BANKRUPTCY ATTORNEY

Healthcare centers file for Chapter 7

An improvement in a parent company's financial standing does not always trickle down to that company's subsidiaries, as two southern healthcare agencies are currently learning. Alana Healthcare subsidiaries AH Pharmacy and AH Infusion Centers are both filing for Chapter 7 bankruptcy protection, citing unmanageable debt. Rising debt is a challenge faced by many South Carolina business owners as well, who may benefit from learning more about bankruptcy protection as another strategy to deal with that debt.

Recent changes to the parent company's business plan, typified by a shift in focus from medical equipment to healthcare management, has panned out well for Alana Healthcare. However, the Pharmacy and Infusion Centers subsidiaries have not fared as well, with each owing considerable money to a capital investor out-of-state. AH Pharmacy has listed $13.9 million in liabilities against $1.7 million in assets, while AH Infusion Centers lists $8.5 million as against only $154 in assets.

It is unclear where the trouble started for Alana Healthcare's subsidiaries, but both organizations closed their doors in January of this year, filing for Chapter 7 bankruptcy protection shortly thereafter. Thankfully, Chapter 7 will allow the assets of both companies to be liquidated without significantly impacting the parent company or the shareholders themselves. Hopefully, this will lead to increased prosperity on the part of the parent company.

South Carolina residents are well aware of the toll the recent economic recession has taken on the United States market as a whole. It can be beneficial for a struggling business owner to consider all of his or her options when it comes to dealing with mounting debt. Chapter 7 bankruptcy can be a useful tool in satisfying unmanageable debt and allowing the opportunity for a fresh financial start.

Source: bizjournals.com, Alana Healthcare Pharmacy and Alana Healthcare Infusion Centers file for bankruptcy protection, Eleanor Kennedy, Feb. 11, 2014

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