TM Healthcare Holdings’ bankruptcy case converted to Chapter 7

By Sarah Lizee

Olympia, Wash., March 18 – TM Healthcare Holdings, LLC’s Chapter 11 bankruptcy cases were converted to Chapter 7 by the U.S. Bankruptcy Court for the Southern District of Florida, according to an order filed Thursday.

The debtors had said in their motion that they 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.

“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 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.

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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