TM Healthcare says no path forward in Chapter 11; seeks conversion

By Sarah Lizee

Olympia, Wash., March 8 – TM Healthcare Holdings, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to convert its Chapter 11 bankruptcy cases to Chapter 7, according to a motion filed Friday.

The debtors have been marketing their assets for months in the hopes of proposing a Chapter 11 plan premised on a going-concern sale of substantially all of their assets, the company said.

“Unfortunately, such marketing efforts have borne no fruit, and the debtors have determined that there is no viable path forward in Chapter 11,” TM Healthcare said in the motion.

The company said the debtors are currently in the process of winding down their patient treatment operations to ensure that current patients are managed and discharged in a responsible and ethical manner.

A hearing is scheduled for March 31.

Stuart, Fla.-based TM operates treatment centers for the treatment of alcohol and drug addiction. The company filed Chapter 11 bankruptcy on Sept. 17, 2020 under case number 20-20024.

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